Corn and soy close lower for 6th consecutive day, analyst says | Tuesday, June 4, 2024

July corn ended the day down a penny.

July soybeans closed down 5½¢.

CBOT wheat is down 14½¢. KC wheat is down 12¾¢. Minneapolis wheat is down 10¼¢.

“Two-sided trade was seen across the ag sector today, but the losing streaks couldn’t be broken,” says Phyllis Nystrom, commodity broker with CHS Hedging.

“Corn managed to bounce higher at midday in quiet trade but couldn’t muster a higher close and extended the losing streak to six days. The December corn set a new low for this move while the July contract had an inside session.

“Soybeans traded higher during the session, following corn and bean oil’s short-lived push higher, while meal remained on the defensive. Beans peaked at mid-morning then sold off into the close for its sixth lower close in a row. Beans had a new low for the move. November beans have had a 74¢ decline from the May 23 high to today’s low.

“All the wheat markets struggled today after posting key reversals lower yesterday. Wheat futures traded lower in the day session and settled near the lows of the day with double-digit losses.”

Nystrom also notes all three wheat classes have closed lower for five days in a row now.

Live cattle closed down 43¢. Feeder cattle are down 18¢. Lean hogs are down $2.35.

Crude oil is currently down 86¢.

S&P 500 futures are currently up 8 points. Dow futures are up 154 points.

Published: 3:27 p.m. CT

Grains starting the day mixed: 9:48 a.m. CT

July corn is up 1¼¢ this morning.

July soybeans are up less than a penny.

CBOT wheat is down 10¼¢. KC wheat is down 6½¢. Minneapolis wheat is down 6¾¢.

“The corn and soybean markets were under pressure right from the start on Monday, while wheat prices traded higher most of the morning before sinking into the close,” says Al Kluis, managing director of Kluis Commodity Advisors. “The USDA Crop Progress report Monday showed the U.S. corn crop rated 75% good-to-excellent, which was above pre-report trade estimates.  

“Grain prices will struggle because of the hard drop in crude oil and energy prices. 

“I am watching the Export Sales report. Will the recent sell-off bring in another round of buying? China still has not purchased any new crop soybeans.”

The weekly Export Sales report is released on Thursday mornings.

Livestock are also mixed this morning. Live cattle are up 13¢. Feeder cattle are up 33¢. Lean hogs are down $1.65.

Crude oil is down $1.08.

S&P 500 futures are down 10 points. Dow futures are up 67 points.

Published: 9:48 a.m. CT