Corn closes down 2¢ | Tuesday, June 11, 2024

July corn ended the day down 2¼¢.

July soybeans are down 10¼¢.

CBOT wheat closed up 19¢. KC wheat is up 11¼¢. Minneapolis wheat is up 3½¢.

“After higher trade early in the session and peaking at midday, the corn market failed to find new buyers and drifted lower into the close with carryover weakness from neighboring soybeans,” says the Grain Market Insider newsletter by Stewart-Peterson Inc.

“Despite the early strength in the soybean market from a flash sale to China for old crop soybeans, the market faded lower into the close. Weakness from lower soybean meal prices and the highest good-to-excellent ratings since 2018 weighed on the market.

“The wheat complex closed higher across all three classes with July Chicago breaking its nine-session losing streak. The rebound came from oversold conditions which provided additional support along with higher MATIF wheat, and remarks from the head of Russia’s grain union, stating that upwards of 30% of Russia’s winter wheat crop may have been damaged by frost in May.”

Live cattle closed down $1.05. Feeder cattle are down $1.00. Lean hogs are down 63¢.

Crude oil is currently up 24¢.

S&P 500 futures are currently up 13 points. Dow futures are down 151 points.

Published: 3:44 p.m. CT

Corn and wheat making gains this morning: 9:44 a.m. CT

July corn is up 1½¢ this morning.

July soybeans are up 2¢.

CBOT wheat is up 16¼¢. KC wheat is up 7¾¢. Minneapolis wheat is up 4¾¢.

This morning USDA announced China is buying 104,000 metric tons of soybeans for the 2023/2024 marketing year.

While discussing this week's Crop Progress report, Arlan Suderman, chief commodities economist for StoneX said “Yes, a small portion of both crops remain unplanted, but prevent-plant acres are expected to be near ‘normal‘ levels. Ponding in excessively wet areas will take their toll, but the crops outside of these areas look quite good. As such, the market will focus on the growing season ahead.

“Heat is expected to build across the Midwest in the weeks ahead, establishing a summer weather pattern that will likely include a high-pressure building somewhere. Forecasts vary widely on where that high-pressure will get established. The location where that occurs will significantly impact the summer weather pattern – be it favorable or unfavorable for the Midwest Corn Belt. ... We should know a lot about the pattern that we will be dealing with for the remainder of the growing season by the end of this month.”

Tomorrow USDA is expected to release the June World Agricultural Supply and Demand Estimates (WASDE) report.

“Watch the South American numbers as other exchanges/private estimates have been running well below the last USDA numbers,” says Phyllis Nystrom, commodity broker with CHS Hedging.

 Live cattle are down 65¢ this morning. Feeder cattle are down 88¢. Lean hogs are up 70¢.

Crude oil is down 38¢.

The U.S. Dollar Index September contract is up to 105.02.

S&P 500 futures are down 21 points. Dow futures are down 280 points.

Published: 9:44 a.m. CT