Corn closes up 4¢ | Tuesday, July 16, 2024

December corn closed up 4½¢.

November soybeans ended the day up 3¼¢.

September wheat contracts closed in the red. CBOT wheat is down 1¾¢. KC wheat is down 5¼¢. Minneapolis wheat is down 5¢.

“Futures were mixed for much of today’s session with corn and soybeans on the plus side and wheat under pressure,” says Karl Setzer, partner at Consus Ag Consulting. “Much of what took place in corn and soybeans was collective trade following recent losses. Steady crop ratings this week also gave the corn and soy complex support as thoughts were we would see improvement following recent rains, mainly in the eastern [Corn] Belt. Crop ratings instead declined in some ECB [eastern Corn Belt] states, bringing into question some of the production reports we are seeing.

“Wheat contracts were pressured today from a lack of buying more than fresh selling. Harvest pressure weighed on wheat today, as did the improved ratings for the spring crop. A firming Russian wheat complex was supportive for wheat, but thoughts U.S. demand will start to slip as the U.S. dollar rallies negated this support. All contracts were supported by a firming cash market.”

August live cattle closed up 55¢. August feeder cattle are down 15¢. August lean hogs are up $2.85.

August crude oil is currently down $1.09.

September S&P 500 futures are currently up 31 points. September Dow futures are up 734 points.

Published: 2:50 p.m. CT

Corn up 2¢: 10:01 a.m. CT

December corn is up 2¾¢ this morning.

November soybeans are up 9½¢.

September wheat contracts are down. CBOT wheat is down 2¾¢. KC wheat is down 6¾¢. Minneapolis wheat is down less than a penny.

“The grain markets were hit hard again on Monday on mild weather and continued fund selling,” says Al Kluis, managing director of Kluis Commodity Advisors. “The only positive factor on Monday is that when funds get this short, it is usually just a matter of time till the trend changes. 

“U.S. corn and soybean crop ratings usually move lower in July. However, with the cool mild weather this week (and now out into the six to 10 day forecasts), private yield estimates continue to move higher.”

Although, in some areas the weather has been a source of pain. Naomi Blohm, senior market adviser with Total Farm Marketing, says, “Last night's storm in eastern Iowa and northern Illinois brought both beneficial rain and bad storm damage. Roofs blown off buildings, dented grain bins, lost power and damaged crops are said to be significant. It may take a week to know true extent of damage.”

August live cattle are up 38¢. August feeder cattle are up 45¢. August lean hogs are up $1.65.

August crude oil is down 85¢.  

The U.S. Dollar Index September contract is up to 104.17.

September S&P 500 futures are up 19 points. September Dow futures are up 555 points.

Published: 10:01 a.m. CT