Corn closes up nearly 5¢ | Friday, August 2, 2024

December corn ended the day up 4¾¢. However, for the week corn was down 6¾¢.

November soybeans closed up 10¾¢. Week-over-week, however, the contract closed down 21¼¢.

September wheat contracts ended the day in the green. CBOT wheat was up 7¢. KC wheat was up 5¼¢. Minneapolis wheat was up 6½¢. Unlike corn and soybeans, all three contracts also ended the week higher.

"Holding true to the recent trend, grain markets completely ignored the action in crude oil, which was a good thing on a hard down day today," says the Commstock Report. "So now the question becomes whether or not this is just a one day wonder of profit taking or have we really turned the corner? Only time will tell.

"Latest weather models are leaning a bit drier and keeping extreme heat across the plains and western Midwest through the weekend, which lends to the idea of a reduction in crop condition ratings on Monday afternoon [in the weekly USDA Crop Progress report.]"

September crude oil is currently down $2.30.

October live cattle ended the day down $1.65. September feeder cattle were down $3.65. October lean hogs were down 45¢.

September S&P 500 futures are currently down 110 points and September Dow futures are down 697 points.

Published: 3:26 p.m. CT

Grains on the rise: 9:16 a.m. CT

December corn is up 4¼¢ this morning.

November soybeans are up 13¢.

For the second day in a row, USDA announced a soybean sale to China. Today's announcement is for 202,000 metric tons of soybeans for the 2024/2025 marketing year.

September wheat contracts are also in the green. CBOT wheat is up 4¼¢. KC wheat is up 4¢. Minneapolis wheat is up 9½¢.

"Grain futures were mixed on Thursday," says Bob Linneman, commodities broker with Kluis Commodity Advisors. "Corn and soybeans were lower while wheat was higher. As we head into the weekend, traders will be watching the weather forecast for any changes to heat and rainfall. Grain prices have fallen further than most traders anticipated, which could be a sign that we have found a low."

Near the end of the overnight session, The Brock Report said short covering and a lower U.S. dollar were providing support to grains and oilseeds.

The U.S. Dollar Index September contract is down to 103.02.

September crude oil is down $2.52.

"Crude oil prices traded in a wide range this week," Linneman says. "Key stories include escalating tensions between Iran and Israel (bullish) and economic reports that indicate global slowdown in demand for crude (bearish). If war unfolds in the Middle East, then crude could test the topside of the summer trading range."

October live cattle, September feeder cattle, and October lean hogs are in the red this morning, down $2.30, $5.50, and 38¢, respectively.

S&P 500 futures are down 104 points. September Dow futures are down 509 points.

Published: 9:16 a.m. CT