Corn closes up 4¢ | Friday, July 5, 2024

December corn closed up 4½¢.

November soybeans ended the day up 8¼¢.

All three September wheat contracts closed higher. CBOT wheat is up 16½¢. KC wheat is up 15½¢. Minneapolis wheat is up 10½¢.

“Technical short covering developed in today’s holiday-shortened session to give us moderate gains going into the weekend,” says Karl Setzer, partner at Consus Ag Consulting. “Much of this was technically based as corn, soybeans, and wheat all fell into oversold territory. A lack of risk premium and mixed crop reports from across the Corn Belt also aided today’s trade. Advances were pushed more than normal by low trade volume that made futures easier to move. A sharp drop in the U.S. dollar and thoughts we may see elevated export demand were also supportive. Gains were held in check by active selling in the global market as well, and thoughts the majority of the U.S. is still seeing favorable crop development conditions.”

August live cattle ended the day up 50¢. August feeder cattle are down $1.90. August lean hogs are down 65¢.

August crude oil is currently down 76¢.

September S&P 500 futures are currently up 34 points. September Dow futures are up 78 points.

Published: 3:06 p.m. CT

Grains higher this morning: 9:44 a.m. CT

December corn is up 5¢ this morning.

November soybeans are up 1¼¢.

September wheat contracts are also making gains. CBOT wheat is up 14¢. KC wheat is up 14¢. Minneapolis wheat is up 8¾¢.

“A weaker U.S. dollar following a monthly jobs report that bolstered expectations for a [U.S. Federal Reserve] rate cut is a supportive factor for the complex,” says The Brock Report. “Generally favorable Midwest weather, however, is a negative market factor, along with lackluster weekly export sales for corn and soybeans. ... Today’s grain and livestock markets will trade normal hours, but volume is likely to be low with many traders on a four-day holiday weekend.”

This morning USDA released the weekly Export Sales report for the week ending June 27.

“Weekly export sales this morning look to be a little negative for corn and soybean prices, but supportive for wheat, cotton, and rice,” says The Brock Report. “For corn, USDA reported net old crop sales of 357,200 metric tons, shy of trade guesses that ranged from 500,000 to 900,000. Sales for 2024/2025 were 311,500 metric tons, compared to trade guesses of zero to 400,000.

“Soybean net export sales were just 228,400 metric tons for old crop, at the low end of trade guesses ranging from 200,000 to 600,000, while new crop net sales of 150,300 metric tons were at the high end of trade guesses.

“Wheat net export sales were impressive at 805,300 metric tons, topping trade guesses of 350,000 to 700,000.” 

August live cattle are up 48¢. August feeder cattle are down 3¢. August lean hogs are up 8¢.

August crude oil is down 5¢.

The U.S. Dollar Index September contract is down to 104.77.

September S&P 500 futures are up 3 points. September Dow futures are down 100 points.

Published: 9:44 a.m. CT