Corn closes up 12¢ | Thursday, June 6, 2024

July corn ended the day up 12¾¢.

July soybeans are up 22¾¢.

CBOT wheat closed down 7¼¢. KC wheat is up 1¾¢. Minneapolis wheat is down 5¾¢.

“The corn market broke the seven-session selling streak with a strong close on Thursday,” says the Grain Market Insider newsletter by Stewart-Peterson Inc. “Strong buying in both corn and soybeans dominated the day as the oversold corn market was due for a short covering rally. Follow through from today’s price strength will be key. With today’s gains, December corn futures are now trading slightly higher on the week.

“The row crop markets may have been responding to headline news regarding a potential tax package that has been proposed in Brazil. With this package, the Brazilian government would limit/end the tax credits over a very large number of operations, including grain trading and freight. Removal of these credits would likely increase the cost of Brazil ag commodities, possibly bringing additional demand to the U.S. market. This is a proposed bill, but a news item that may need to be watched.

“The wheat complex settled mixed after a volatile two-sided trade. Chicago contracts led the decline, pulling Minneapolis lower, while KC managed to hold onto minor gains. Winter wheat harvest pressure and lower Matif wheat futures likely contributed to the negative sentiment. Both July KC and July Minneapolis encountered overhead resistance near their 20-day moving averages before selling off.”

Live cattle closed down 40¢. Feeder cattle ended the day down $1.98. Lean hogs are up 78¢.

Crude oil is up $1.57.

S&P 500 futures are down 3 points. Dow futures are up 80 points.

Published: 4:14 p.m. CT

Grains rallying this morning: 9:28 a.m. CT

July corn is up 10¼¢ this morning.

July soybeans are up 18¢.

CBOT wheat is up 6¾¢. KC wheat is up 8¾¢. Minneapolis wheat is up 5¾¢.

This morning USDA announced unknown destinations are purchasing 152,000 metric tons of corn for the 2023/2024 marketing year.

USDA also released the weekly Export Sales report this morning. The Brock Report included commentary on this week’s report.

“Net U.S. corn export sales for the week ended May 30 came in at 46.5 million bushels, toward the high end of trade expectations that ran 27.5 to 49 million bushels and above the previous week’s net sales of 39.3 million bushels, of which 31.9 million were for 2023/2024 delivery,” says The Brock Report. “The sales data looks neutral to supportive for corn prices. Corn export sales for 2023/2024 to date were 25.2% above a year earlier, with USDA forecasting a rise of 29.4% in marketing year exports.

“Net weekly U.S. soybean export sales came in at 9.7 million bushels, near the low end of trade expectations that ran 7.5 to 29.5 million bushels and below the previous week’s net sales of 12.4 million bushels. The sales data looks bearish for soybean prices, with sales for 2023/2024 delivery at just 7 million bushels. Export sales for 2023/2024 to date were 15.2% below a year earlier.

“Net weekly U.S. wheat export sales came in at 14.3 million bushels with sales of 22.7 million bushels for 2024/2025 delivery partially offset by net sales cancellations of 8.4 million bushels for the just-ended 2023/2024 marketing year. Total net sales were in line with trade expectations that ran 3.5 to 22.0 million bushels and were above the previous week’s net sales of 11.8 million bushels.”

Live cattle are down 75¢ this morning. Feeder cattle are down $2.10. Lean hogs are down 10¢.

Crude oil is up 54¢.

The U.S. Dollar Index June contract is down to 104.17.

S&P 500 futures are up 2 points. Dow futures are up 172 points.

Published: 9:28 a.m. CT