Corn closes down 8¢ | Friday, June 14, 2024

July corn ended the day down 8½¢.

July soybeans closed down 9¾¢.

July wheat contracts also closed in the red. CBOT wheat is down 7¼¢. KC wheat is down 9¼¢. Minneapolis wheat is down 11½¢.

“Corn futures ended the week with poor price action,” says the Grain Market Insider newsletter by Stewart-Peterson Inc. “July futures managed to hang onto a small gain for the week. Weather forecast changes over the weekend will be watched by the trade ahead of Sunday night’s market open.

“Soybeans continued their sideways, choppy trend to end the week as prices gave back most of Thursday’s gains on Friday. July futures were fractionally higher on the week. Like soybeans, both bean meal and oil front month futures were slightly higher on the week.

“Falling MATIF wheat futures, a once again higher U.S. dollar, and likely harvest pressure combined to push all three wheat classes lower on Friday. Front month KC wheat futures have closed lower in 11 of the last 13 trading sessions.”

August live cattle are up $3.68. August feeder cattle are up $4.50. July lean hogs are up 88¢.

July crude oil is currently down 16¢.

June S&P 500 futures are currently down 2 points. September Dow futures are down 83 points.

Published: 3:13 p.m. CT

Corn down 2¢: 8:53 a.m. CT

July corn is down 2¾¢ Friday morning.

July soybeans are down 4½¢.

July wheat contracts are also in the red. CBOT wheat is down 2¢. KC wheat is down 1¼¢. Minneapolis wheat is down 1½¢.

“... Russian production estimates remain a hot topic, with some suggesting the crop is closer to 75 million metric tons [mmt] than the most recent USDA estimate of 83 mmt,” says Angie Setzer, partner at Consus Ag Consulting. “The 8-mmt [295 million bushels] difference would have major implications on the country’s export outlook, with thoughts that overall exportable supplies could fall by over 10 mmt [367 million bushels] from last year, opening the door for fresh business to be done by other world exporters. However, the prices at which Russian exporters are privately offering supplies are well below public values, and continue to undercut the cash market, keeping buyers on the sidelines.”

August live cattle are up $1.60. August feeder cattle are up $2.75. July lean hogs are down $1.40.

July crude oil is up 29¢.

The U.S. Dollar Index September contract is up to 105.35.

June S&P 500 futures are down 14 points. September Dow futures are down 176 points.

Published: 8:53 a.m. CT