Chicago wheat closes down 20¢ | Monday, June 10, 2024

July corn ended the day up 3¢.

July soybeans closed up 9¢.

CBOT wheat is down 20¢. KC wheat is down 22¢. Minneapolis wheat is down 19¼¢.

“Futures were mixed for much of today’s session with corn firm, wheat posting solid losses, and soybeans on both sides of unchanged from spread trading,” says Karl Setzer, partner at Consus Ag Consulting. “Corn struggled all session from a lack of bullish news, but funds have built a sizable short position in the complex which kept additional selling interest limited.

“Nearby soybean contracts gained on the deferred contracts today ... A rally in meal also gave the complex support as meal demand remains strong, despite concerns over slowing Chinese feed consumption on reduced hog numbers.

“Heavy losses were seen in the wheat complex today as Russia claims that even with production losses the country’s export capabilities will not be affected. Russian authorities also claim any acres lost to weather have been reseeded. U.S. harvest pressure and slowing demand from the corn/wheat spread also weighed on those contracts today.”

Live cattle closed up $2.80. Feeder cattle are up $3.73. Lean hogs are down 60¢.

Crude oil is currently up $2.40.

S&P 500 futures are currently up 14 points. Dow futures are up 36 points.

Published: 2:39 p.m. CT

Chicago wheat down 16¢: 9:33 a.m. CT

July corn is up 2¼¢ this morning.

July soybeans are up 4¼¢.

CBOT wheat is down 16¼¢. KC wheat is down 19¢. Minneapolis wheat is down 13¾¢.

“Wheat prices continued to lose ground overnight as the Southern Plains harvest gains momentum,” says Arlan Suderman, chief commodities economist with StoneX. “Yields in Oklahoma have generally impressed, coming in better than expected, albeit with lower than hoped protein content. The harvest should gain momentum in southern Kansas in the days ahead, quickly spreading across the wheat state, adding cash sales onto the market. Additional pressure comes from a modest shift in the forecast that allows showers to provide relief for some parched portions of southern Russia and eastern Ukraine, benefiting both corn and wheat ground. The showers should erode areas under stress to one-third of Russia’s wheat belt, down from better than 50% currently.

“The market also continues to digest the impact of Turkey’s decision to close its door to wheat imports from June 21 through at least Oct. 15. Turkey was expected to import 8.5 million metric tons of wheat this year, with roughly two-thirds of that coming from Russia and much of the remainder coming from Ukraine.”

This afternoon USDA is expected to release the weekly Crop Progress report.

“U.S. crop conditions will remain high this week with corn good-to-excellent again at about 75%,” says Al Kluis, managing director of Kluis Commodity Advisors. “The initial soybean rating from USDA today should be about 70% to 83% good-to-excellent. The initial surge of warm dry temps will be beneficial — as long as it does not stay in place too long.” 

Live cattle are up $2.35 this morning. Feeder cattle are up $2.38. Lean hogs are down 5¢.

Crude oil is up 73¢.

The U.S. Dollar Index September contract is up to 104.96.

S&P 500 futures are down 8 points. Dow futures are up 31 points.

Published: 9:33 a.m. CT