Corn closes up 4¢ | Wednesday, June 12, 2024

July corn closed up 4¾¢.

July soybeans ended the day down less than a penny.

CBOT wheat closed down 9½¢. KC wheat is down 17¾¢. Minneapolis wheat is down 10½¢.

“The early portion of today’s session was spent getting final positions in place ahead of the June WASDE [World Agricultural Supply and Demand Estimates] data,” says Karl Setzer, partner at Consus Ag Consulting.

“In addition to this, trade received the May Consumer Price Index numbers, which were more positive than expected. This news drew managed money interest away from several markets and into the equities. At the same time, the U.S. dollar posted a sharp loss from the inflation data, which was positive for the U.S. export market.

“The USDA data had little in the way of surprises for the market today, and shortly after its release, trade was again focused on weather outlooks and the outside markets for price discovery.

“...Near the close today the Federal Reserve gave its opinion on the U.S. economy, and it was no surprise that Chairman Powell stated more work needs to be done to get inflation closer to its 2% target. In doing so the Federal Funds rate will remain from 5.25% to 5.5%. There are still hopes of at least one rate cut this year, but the odds remain low.”

Live cattle closed down 60¢. Feeder cattle are down 8¢. Lean hogs are up $1.43.

Crude oil is currently up 45¢.

S&P 500 futures are currently up 50 points. Dow futures are down 56 points.

Published: 3:50 p.m. CT

Grains mixed ahead of of June WASDE: 9:21 a.m. CT

July corn is up 4¢ this morning ahead of the release of the June WASDE report.

July soybeans are down 1¼¢.

CBOT wheat is down 14½¢. KC wheat is down 19½¢. Minneapolis wheat is down 13¾¢.

“Today’s USDA WASDE crop report is expected to be a quiet one, with no changes to U.S. corn and soybean production estimates, an increase to wheat production estimates, and only modest changes to demand estimates,” says Arlan Suderman, chief commodities economist for StoneX.

“Watch for cuts though for Argentine and Brazilian corn production estimates, along with another possible cut to Brazil’s soybean crop. But the trade may be most focused on Black Sea wheat production estimates. Meanwhile, China continues to aggressively purchase Brazilian soybeans, for both this summer, and for next winter, while buying very few U.S. soybeans for fall shipment, with U.S. new-crop sales barely moving the needle thus far.”

Today’s WASDE report is expected to be released at 11 a.m. CT.

For the second day in a row, USDA announced an old crop soybean sale. China is buying 106,000 metric tons of soybeans for the 2023/2024 marketing year.

Live cattle are up 35¢ this morning. Feeder cattle are up $1.05. Lean hogs are up 38¢.

Crude oil is up $1.35.

The U.S. Dollar Index September contract is down to 104.05.

S&P 500 futures are up 58 points. Dow futures are up 256 points.

Published: 9:21 a.m. CT