Corn closes up 4¢ | Thursday, June 13, 2024

July corn ended the day up 4¼¢.

July soybeans closed up 12¼¢.

July wheat contracts closed mixed. CBOT wheat is up 3¢. KC wheat is down less than a penny. Minneapolis wheat is down 1¼¢.

“Much of what took place in the market today was short covering ahead of the weekend, mainly in case we see a shift in weather outlooks for the U.S.,” says Karl Setzer, partner at Consus Ag Consulting. “Current models are favorable for crop development, but above normal temperatures are forecast across much of the Corn Belt into late next week.

“U.S. soil currently has a full tank of moisture in most areas, but any hint this heat will continue and rains will cease will quickly change market opinions. Welcome to the weather market.

“Fresh news was rather sparse today and will be until June 28 when the updated U.S. acreage and quarterly stocks data will be released. South American corn and soybean values are firming and this gave those markets support today. Wheat futures were mixed as additional spread trading developed in the complex.”

August live cattle closed up $1.18. August feeder cattle are down 10¢. July lean hogs are down 93¢.

July crude oil is currently down 36¢.

June S&P 500 futures are currently up 13 points. September Dow futures are down 71 points.

Published: 2:59 p.m. CT

Corn up 5¢ as trading day gets started: 9:35 a.m. CT

July corn is up 5½¢ this morning.

July soybeans are up 9¼¢.

July wheat contracts are mixed. CBOT wheat is up 5½¢. KC wheat is unchanged. Minneapolis wheat is up 4¢.

This morning USDA announced an old crop soybean sale for the third consecutive day this week. Unknown destinations are buying 120,000 metric tons of soybeans for the 2023/2024 marketing year.

USDA also released the weekly Export Sales report.

“Net U.S. corn export sales for the week ended June 6 came in at 44.3 million bushels, in line with trade expectations that ran 31.5 to 59.0 million bushels and down from the previous week’s sales of 51.0 million,” says The Brock Report. “The export total looks neutral for corn prices.

“Net weekly U.S. soybean export sales came in at 14.0 million bushels, in line with trade expectations that ran 8.5 to 25.5 million bushels and up slightly from the previous week’s sales of 9.7 million. The total looks neutral to negative for soybean prices. U.S. soybean export sales for 2023/2024 to date are 15.2% behind a year earlier.

“Net weekly U.S. wheat export sales came in at just 9 million bushels, at the low end of trade expectations that ran 9.0 to 22.0 million bushels and down from the previous week’s net sales of 14.3 million. The number looks negative for wheat prices, although sales for 2024/2025 to date are 22.4% ahead of a year earlier.”

The Brock Report also notes Conab, Brazil’s agricultural agency, adjust production estimates today.

“Conab ... this morning raised its forecast for Brazil’s total 2023/2024 corn production to 114.14 million metric tons (mmt) from a May estimate of 111.63 mmt on stronger second-crop corn production,” says The Brock Report. “The Conab estimate is still nearly 8 mmt below USDA’s Brazilian corn crop estimate.

“Conab cut its estimate of Brazil’s 2023/2024 soybean crop slightly to 147.35 mmt from a May estimate of 147.69 mmt. The Conab crop estimate is 5.65 mmt below USDA’s Brazilian crop estimate.”

August live cattle are down 50¢ this morning. August feeder cattle are down $1.40. July lean hogs are up 5¢.

July crude oil is up 17¢.

The U.S. Dollar Index September contract is up to 104.52.

June S&P 500 futures are down 2 points. September Dow futures are down 220 points.

Published: 9:35 a.m. CT