Soybeans close down 18¢ | Tuesday, July 30, 2024

Corn and wheat also end the day down.

Market-Trend-Down
Photo: Photo credit: Getty Images/SusanWoodImages

December corn closed down 7¼¢.

November soybeans closed down 18¼¢.

September wheat contracts also ended the day in the red. CBOT and Minneapolis wheat both closed down 7¢. KC wheat closed down 3¼¢.

"Better than expected corn crop ratings, and a less threatening forecast kept the sellers active in the corn market today and helped press the September contract to a new contract low heading into the close," says the Grain Market Insider newsletter.

The newsletter says even with USDA knocking one percentage point off the soybean crop's good/excellent rating in yesterday's Crop Progress report, this is the highest-rated soybean crop since 2020, and this means the possibility of a large crop is high and market sellers are engaged.

"Weakness in corn and soybeans also carried over to the wheat complex which settled lower across all three wheat classes, with the steady decline in Paris milling wheat futures adding to the negativity," Grain Market Insider says.

October live cattle closed up 65¢. September feeder cattle ended the day up 88¢. October lean hogs were down 5¢ at the close.

September crude oil is currently down 63¢.

September S&P 500 futures are currently down 57 points. September Dow futures are down 5 points.

Published: 3:40 p.m. CT

Grains starting day in the red: 9:24 a.m. CT

December corn is down 5¢ this morning.

November soybeans are down 18½¢.

All three September wheat contracts are in the red. CBOT what is down 4¼¢. KC wheat is down 9¼¢. Minneapolis wheat is down 8¼¢. Al Kluis, managing director of Kluis Commodity Advisors, says he is keeping an eye on the wheat market.

“Wheat made new contract lows on Monday and then closed higher, creating a hook reversal higher,” he says. “If wheat can stabilize and turn higher, then it will help the corn market.”

Yesterday afternoon USDA released the weekly Crop Progress report, which included crop condition ratings for corn, soybeans, and spring wheat among others. Kluis notes that this time of year corn and soybean condition ratings typically move lower but “ ... with the cool mild weather this week and the heat ridge staying out west, conditions are staying well above the five-year average.”

Near the end of the overnight trading session The Brock Report discussed the impact of yesterday’s report on prices:

“Grain and soybean futures have come under renewed pressure from strong U.S. crop prospects in the wake of Monday afternoon’s USDA Crop Progress report which contained nothing to erode those prospects,” The Brock Report says. “Favorable Midwest weather forecasts, a strong dollar, and crude oil market weakness have also helped pressure corn and soybean futures. Wheat futures have slid further despite a lower-than-expected spring wheat crop rating.”

October live cattle are up 28¢ this morning. September feeder cattle are up 70¢. October lean hogs are up 20¢.

September crude oil is down 75¢.

The U.S. Dollar Index September contract is up to 104.50.

September S&P 500 futures are up 11 points. September Dow futures are up 167 points.

Published: 9:24 a.m. CT

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