Soybeans close down 18¢ | Thursday, June 20, 2024

July corn ended the day down 10¼¢.

July soybeans closed down 18¾¢.

July wheat also closed down today. CBOT wheat is down 9¼¢. KC wheat is down 8¾¢. Minneapolis wheat is down 14¢.

“Row crop markets traded lower all day and are now testing the lows from earlier in the spring, a meager 20¢ away on July corn and less than that on soybeans,” the Commstock Report says. “News wires had several stories on Brazilian used cooking oil exports to the United States. That was enough to push the soybean oil lower and pull the balance of the complex with it. We look for tomorrow’s late released export sales report to hopefully provide some footing.

“Focus will then shift to next week’s projections for the USDA quarterly stocks and planted acres reports. Corn market bulls are hopeful for a sub-90 million corn acres number. In wild animals there is safety in numbers. The funds definitely have the numbers on the short side, and if this report doesn’t get them to cover, we’re waiting on July heat to provide a cut in condition ratings.” 

August live cattle ended the day up 45¢. August feeder cattle are down 13¢. July lean hogs are down $2.63.

August crude oil is up 58¢.

September S&P 500 futures are down 15 points. September Dow futures are up 288 points.

Published: 4:04 p.m. CT

Grains start day in the red: 9:47 a.m. CT

July corn is down 5½¢ this morning.

July soybeans are down 2¢.

All three July wheat contracts are down. CBOT wheat is down 10½¢. KC wheat is down 10¢. Minneapolis wheat is down 11¾¢.

“Grain markets are lower this morning due to recent rain across the Midwest aiding trader perception that rain makes grain,” says Naomi Blohm, senior market adviser for Total Farm Marketing.

She notes the July forecast released today from the National Oceanic and Atmospheric Administration is likely helping support corn and beans today. Temperatures are either “leaning” or “likely” to be above normal for most of the country. Precipitation in most of the Corn Belt is “leaning” or “likely” below normal.

“Today is the official start of summer, the summer solstice,” says Al Kluis, managing director of Kluis Commodity Advisors. “Timing is strong around this time every year for a standout in prices. Looking at the charts, it appears a low could be the extreme for now. ... In the coming days, traders will be watching the bull spreads for signs that futures have put in a key low.”

August live cattle are up 80¢. August feeder cattle are up 78¢. July lean hogs are down $1.45.

August crude oil is up 62¢.

The U.S. Dollar Index September contract is up to 105.05.

September S&P 500 futures are up 6 points. September Dow futures are up 90 points.

Published: 9:47 a.m. CT