Grains close mostly in the green | Friday, May 24, 2024

July corn ended the day up less than a penny. Week-over-week the contract is up over 12¢.

July soybeans are up 8¾¢ for the day and 20¢ for the week.

CBOT wheat ended the day down less than a penny. KC wheat is up 10½¢. Minneapolis wheat is up 8¾¢.

“The main point of interest in today’s session was getting final positions in place for the extended holiday weekend,” says Karl Setzer, partner at Consus Ag Consulting. “Much of this was done earlier in the week, keeping today’s activity muted. Grains favored the downside today as there simply is not enough fresh news in those markets to attract buying interest.

“Another big jump in corn planting is expected next Tuesday when data is released, with some expecting 85% of the crop in. The final 15% of acres may be a struggle though given current weather outlooks, and this is keeping selling interest limited as well.

“Wheat was mixed today with harvest pressure surfacing in the Chicago contracts. Soy meal posted solid gains today and this supported the entire soy complex. A need for risk premium and light speculative buying gave us mostly higher closes for the session.”

Live cattle ended the day up 18¢. Feeder cattle are down $1.23. Lean hogs are down 25¢.

July crude oil is up 86¢.

S&P 500 futures are up 37 points. Dow futures are down one point.

Note: Grain markets are closed on Monday, May 27 for Memorial Day and reopen Monday night.

Published: 3:57 p.m. CT

Grains trading choppy and mixed this morning: 9:26 a.m. CT

Grain trade has been choppy this morning and multiple contracts have seen both sides of unchanged.

July corn is currently down 1¼¢.

July soybeans are up 2¾¢.

CBOT wheat is currently down 1½¢. KC wheat is up 4¼¢. Minneapolis wheat is up 4¢.

“Southern Brazil is expected to finally see relief from heavy rains after the next day or two so that a better assessment of soybean losses can be made,” says Arlan Suderman, chief commodities economist for StoneX. “In the Black Sea Region, Commodity Weather Group expects dryness stress to spread across Ukraine over the coming couple of weeks, while stress continues for 50% of Russia’s wheat belt. June is the critical month for these areas.

“The U.S. Midwest should see another brief window of opportunity for planting after the weekend, extending at least until late next week. We should start to see the first condition ratings for the U.S. corn crop over the next couple of weeks.”

Live cattle are up 8¢ this morning. Feeder cattle are down $1.45. Lean hogs are up 3¢.

July crude oil is up 63¢.

The U.S. Dollar Index June contract is down to 104.66.

S&P 500 futures are up 21 points. Dow futures are up 48 points.

Published: 9:26 a.m. CT