Soybeans close up 6¢ | Tuesday, July 23, 2024

December corn ended the day up 2¼¢.

November soybeans closed up 6¾¢.

The September wheat contracts closed down. CBOT wheat is down 5¼¢. KC wheat is down 5¢. Minneapolis wheat is down 7¼¢.

“Follow-through strength and short covering pushed the corn market to $4.20 resistance in the December contract before sliding off session highs from carryover weakness from the wheat markets,” says the Grain Market Insider newsletter by Stewart-Peterson Inc.

The newsletter continued: “While soybeans carried positive momentum from Monday’s trade and closed higher for the second day in a row, they closed off their highs as upward resistance was met near the 20-day moving average in the leading contracts. Bear spreading in soybean oil, and lower trade in meal also limited the rally potential for the soybean market.

“The wheat complex closed lower across all three futures markets, as lower MATIF wheat futures and weakening Russian export prices continue to limit upside potential. Increased production estimates for Russian and Australian wheat crops also potentially contributed to the day’s negative performance.”

October live cattle, August feeder cattle, and October lean hogs all ended the day higher. Live cattle were up $1.53, feeders gained $2.35, and hogs rose $1.15.

September crude oil is down $1.44.

September S&P 500 futures and September Dow futures are down 12 points and 78 points, respectively.

Published: 4:23 p.m. CT

Soybeans up 10¢: 9:48 a.m. CT

December corn is up 4½¢ this morning.

November soybeans are up 10¼¢.

September wheat contracts are mixed. CBOT wheat is down less than a penny. KC wheat is up 2¼¢. Minneapolis wheat is up 2½¢.

“Corn and soybean futures rallied strongly in the final 15 minutes of early trade to extend gains on further short covering due to unwinding of the so-called ‘Trump trade’ and Monday’s technical strength,” The Brock Report says. “Favorable U.S. crop ratings remain a negative market factor. Wheat futures slipped lower overnight under renewed pressure from abundant U.S. supplies and stiff export competition.”

This morning the USDA announced unidentified destinations are buying 200,000 metric tons of corn for the 2024/2025 marketing year.

October live cattle are down 10¢ this morning. August feeder cattle are up 3¢. October lean hogs are up $1.28.

September crude oil is down 93¢.

The U.S. Dollar Index September contract is up to 104.22.

September S&P 500 futures and September Dow futures are up 12 points and 70 points, respectively.

Published: 9:48 a.m. CT