Corn closes down 2¢ | Tuesday, May 21, 2024

July corn closed down 2½¢.

July soybeans are down 11¾¢.

CBOT wheat is up 8¾¢. KC wheat is up 4¾¢. Minneapolis wheat is down less than a penny.

“A jump of 21% in last week’s planting progress, which was ahead of expectations, added downward pressure to the corn market that saw two-sided trade in a rather tight 6¼¢ range in the July contract following yesterday’s strong gains,” says the Grain Market Insider newsletter by Stewart-Peterson Inc.

“Despite midday reports of China purchasing two cargoes of soybeans for July delivery, the soybean market faced pressure from faster-than-anticipated planting. Additionally, lower soybean meal and oil prices contributed to the day’s weakness.”

Live cattle closed up $1.50. Feeder cattle are up $1.35. Lean hogs are down 53¢.

July crude oil is down 71¢.

S&P 500 futures are up 13 points. Dow futures are up 50 points.

Published: 3:38 p.m. CT

Corn and soy in the red this morning: 9:51 a.m. CT

July corn is down 1½¢ this morning.

July soybeans are down 10¼¢.

CBOT wheat is up 8¼¢. KC wheat is up 5½¢. Minneapolis wheat is up 1¼¢.

The Commstock Report said prior to the 8:30 a.m. CT market open that grains were down overnight in response to the surprising planting progress made in the past week, as reported yesterday in the USDA Crop Progress report.

“Wheat ratings slipped a bit [in this week’s Crop Progress report], but that’s offset by insistence from Russia’s ag ministry that despite declining crop prospects that powered yesterday’s surge, they still expect record exports in the coming year,” says the report.

Also happening in the region, Ukraine officials reported grain and oilseed crops were not damaged by recent frosts, says Riley Schwieger, commodity broker for CHS Hedging.

This morning USDA announced two new corn export sales:

• Mexico is buying 113,050 metric tons of corn — 56,525 metric tons for the 2023/2024 marketing year and 56,525 metric tons for the 2024/2025 marketing year.
• Spain is buying 110,000 metric tons of corn for the 2023/2024 marketing year.

Several corn-growing states are receiving rain today, Schwieger says.

“This morning there is a large area rain that stretches from central South Dakota across norther Iowa and into western Wisconsin,” he said prior to the 8:30 a.m. CT market open. “And then there is another area of rain out in western Nebraska and northeastern Colorado. Forecasters are predicting this area of rain will likely fire back up this afternoon as heavy storms across Iowa, southern Minnesota and western Wisconsin this evening.”

Concerning livestock, live cattle, and feeder cattle are making gains this morning while lean hogs are in the red.

Crude oil is down 60¢.

The U.S. Dollar Index June contract is up to 104.51.

S&P 500 futures are down 1 point. Dow futures are up 49 points.

Published: 9:51 a.m. CT