Ag Market Brief by ASNA Edge
PM Market Update 09/23/24
Good afternoon this is Strolling Smith with your agro-sompo afternoon market wrap-up and looking into summer corn word 413 that is up 11 and a half oh March 431 and a quarter is up 11 and a quarter May at 442 and a quarter was also up 11 and a quarter we did get some crop conditions today and they are actually pretty solid with the exception of cotton which saw a decline looking at corn conditions those are 65% good decks on that's unchanged soybeans and 64% good decks on also unchanged corn was seen at 14% harvested soybeans at 13% harvested spring week 96% harvested and the winter wheat is 25% planted cotton was seen at 37% good decks on down from 39 and the cotton harvest is 14% down so everything pretty much as expected saw strong rally in the soybeans to November beans at 1039 and a half up 27 January 1057 up 27 and a half March at 1069 and a quarter up 26 we saw 165,000 metric tons of 2425 soybeans go to unknown destinations and the spying looks like to be a combination of some short covering getting towards the end of the quarter here generally a good risk of tone but most importantly weather conditions in South America remain highly problematic so we need to keep an eye on those and see exactly what is developing December soybean oil 4187 was a 51 meal at 32850 was up 930 and what do we got here December crush at 14425 that's down a penny while March at 12325 is up 1/2 cent December wheat 581 and 1/2 up 13 Kansas City 576 and a quarter up 12 and a quarter Minneapolis 619 up 11 looks mostly to be a sympathy rally with the rest of the grains November rice at 1554 down to December cotton 7344 down 8 while March at 7519 that's up 5 we'll see if this drop in conditions provides any boost for the market the chart is looking a little stretched to the upside the summer live cattle at 18382 up 63 November feeders 242 75 that's up 98 December hog 7485 that's up 63 and November milk at 2317 that's up 14 November orange juice at 47450 that's down 16 crude oil 752 down 48 diesel at 21688 that's up 47 on leather that 19745 that's down three and a quarter November natural gas at 286 is up 15 December gold at 2651 that's up $5.40 well silver though a 3098 was down 53 cents dollar index at 100 spot 89 that's up 18 now 42 124 up 61 S&P 5717 that's up about 14 and a half points that's back 17,974 that was up 25 interest rates finished they quietly mixed the two year 358 down one basis point 10 year 374 up one basis point 30 year 409 up one basis point this is Sterling starts from sunny Omaha Nebraska wishing everybody a great evening