Markets Markets Analysis Wheat closes down 11¢ | Wednesday, June 5, 2024 Soybeans and corn also end the day in the red. By Cassidy Walter Cassidy Walter Cassidy Walter joined Successful Farming in 2022 to cover commodity markets and agribusiness. Previously, she spent more than five years as the Communications Director for the Iowa Renewable Fuels Association, where her work supported Iowa biofuels producers and farmers. Successful Farming's Editorial Guidelines Updated on June 5, 2024 Close July corn closed down 3¼¢. July soybeans are down 1¾¢. CBOT wheat closed down 11½¢. KC and Minneapolis wheat are down 11¢. “Grains held to the negative side for much of today’s session while soybeans managed to work both sides of unchanged,” says Karl Setzer, partner at Consus Ag Consulting. “Grains were pressured by news China is going to start buying more domestic grain for reserves this year and rely less on imports. Wheat suffered additional pressure from differing world production outlooks and the price spread between corn and wheat. This difference has already started to impact feed demand for wheat in the global market. “Spread trading also supported nearby soybean contracts today but weighed on the deferred contracts. A spike in meal values also supported the complex, as did a firm crude oil market. Reports that Brazil is considering tax changes that may reduce the country’s exports also provided early support to soybeans, but this faded as the session progressed, and futures retreated. All contracts were pressured by a lack of fresh news and non-threatening weather for developing crops.” Live cattle closed down 58¢. Feeder cattle are down $1.20. Lean hogs are down $1.73. Crude oil is currently up 86¢. S&P 500 futures are up 51 points. Dow futures are up 56 points. Published: 3:01 p.m. CT Corn down 2¢ this morning: 9:30 a.m. CT July corn is down 2¾¢ this morning. July soybeans are down 1½¢. CBOT wheat is down 10½¢. KC wheat is down 9½¢. Minneapolis wheat is down 7¾¢. “The amount of prevent plant may be larger than expected, especially for soybeans,” says Al Kluis, managing director for Kluis Commodity Advisors. “The wet conditions in western Minnesota, northwest Iowa, and the Dakotas has many farmers meeting with their lenders and crop insurance agents to decide what is the least worst alternative. “I am watching the bull spreads start to work in corn, even as prices have been trending lower. Now a close in July corn above the two previous days’ high will confirm a short-term low.” Live cattle are up 33¢ this morning. Feeder cattle are down 18¢. Lean hogs are down $1.40. Crude oil is up 30¢. S&P 500 futures are up 10 points. Dow futures are down 131 points. Published: 9:30 a.m. CT Was this page helpful? Thanks for your feedback! Tell us why! Other Submit