Corn down 5¢ | Monday, July 1, 2024

September corn is down 5¾¢ this morning. December corn is down 5½¢.

August soybeans are up 1¼¢. November soybeans are down 5½¢.

All three September wheat contracts are up: CBOT wheat is up 5½¢. KC wheat is up a penny. Minneapolis wheat is up 5½¢.

“Well, I said that it would take an ‘over the top bearish report’ to make corn prices fall lower, and that is exactly what the USDA gave us,” says Naomi Blohm, senior market adviser for Total Farm Marketing, referring to the Grain Stocks and Acreage reports released last Friday. “June 1 corn stocks at 4.993 billion were roughly 130 million above the average trade guess, however within the range of estimates. Sounds like there is still quite a bit of old crop on farms.

“Planted [corn] acres came in at 91.475 million and were 1.2 million acres above the average trade guess and were above the range of estimates. This is what killed the market and prices.

“Then there was the note that both corn and bean acres are likely to be met with skepticism as 3.356 million acres of corn and 12.8 million of soybeans were not planted at the time of the survey. 

“We can complain/moan/trash talk the USDA all we want, but unfortunately these are the numbers that trade is going to trade until the actual prevent plant acres are announced in August.”

Today at 3 p.m. CT, the weekly USDA Crop Progress report is expected to be released. Al Kluis, managing director of Kluis Commodity Advisors, says he expects corn and soybean condition ratings to fall one to two percentage points.

August live cattle are down $1.15. August feeder cattle are down $1.95. August lean hogs are up 63¢.

August crude oil is up 42¢.

The U.S. Dollar Index September contract is down to 105.37.

September S&P 500 futures are down 8 points. September Dow futures are up 123 points.

Published: 9:32 a.m. CT