At mid-session, the December corn futures are 3¢ lower at $3.48. March futures are 2 1/4¢ lower at $3.61.
Nov soybean futures are 3 3/4¢ lower at $8.26. Jan. soybean futures are 3 3/4¢ lower at $8.40 1/2.
Dec. wheat futures are 1 1/4¢ lower at $5.10.
Dec. soymeal futures are $2.70 per short ton lower at $306.00.
Dec. soy oil futures are $0.04 higher at 27.80.
In the outside markets, the NYMEX crude oil market is $0.16 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 22 points lower.
In early trading, the December corn futures are 2¢ lower at $3.49. March futures are 2 1/4¢ lower at $3.61.
Nov soybean futures are 6¢ lower at $8.24. Jan. soybean futures are 5 3/4¢ lower at $8.38.
Dec. wheat futures are 4¢ lower at $5.07.
Dec. soymeal futures are $1.80 per short ton lower at $306.90.
Dec. soy oil futures are $0.01 lower at 27.75.
In the outside markets, the NYMEX crude oil market is $0.54 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 36 points lower.
Private exporters reported to the U.S. Department of Agriculture export sales of 241,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.
The marketing year for soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that outside investors are getting less optimistic on corn.
“The Commitments of Traders report released on Friday showed the funds had been short 63,000 corn futures contracts, short 68,000 soybeans and long 61,000 wheat. However, as the selling accelerated after the bearish USDA report last Wednesday, traders estimate the funds are now short over 100,000 contracts of corn,” Kluis stated to customers in a daily note.
He added, “Further cases of African Swine Flu (ASF) have been found in China. Now, there is a report of ASF in Belgium near the French border. This needs to be contained soon or world demand for feed will be affected.”
Soybeans were lower overnight on concerns about the escalating trade war with China. The Trump administration may add tariffs on another $200 billion worth of goods from the Asian nation despite ongoing talks between the countries. The fear is that China will retaliate, thought it will have to now get creative as it doesn't import that much from the US. Beans were down about 6 cents, corn lost 2 cents and wheat gained 2-3 cents in overnight trading. Money managers, meanwhile, increased their bearish outlook for both beans and corn, while becoming less bullish on wheat futures, according to the CFTC. In weather news, North Carolina, the second-biggest hog producer behind only Iowa, is still getting battered by the remnants of Hurricane Florence with flooding and tornado warnings in effect today. Check out today's 3 Big Things for all the details.
West Texas Intermediate = up 0.8%.
Brent Crude = up 0.7%.
Dollar = down 0.3%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks mostly lower overnight.