Chicago wheat closes up 8¢ | Wednesday, July 17, 2024

December corn ended the day up 3¢.

November soybeans are down 2¼¢.

September wheat contracts closed higher. CBOT wheat is up 8½¢. KC wheat is up 10¾¢. Minneapolis wheat is up 16¢.

“Corn and wheat posted solid gains today while soybeans were mixed,” says Karl Setzer, partner at Consus Ag Consulting. “Nearby soybeans benefitted from spread trading, but this also weighed on deferred contracts. A strong energy market also supported the spot soybean contracts, although advances were capped by ongoing pressure from Brazil in the global export market. New crop soybean demand is dismal, and until this improves, it may be hard to rally those contracts without crop loss in the U.S.

“Weather stress in the Black Sea supported grains, as did logistic issues that are slowing Argentine corn exports. The possibility of yields still coming in near trend this year limited upside potential, as did the lack of a major weather threat for the remainder of corn pollination. Sharp losses in the U.S. dollar and a rally in energy values gave commodities support.”

August live cattle closed up $1.60. August feeder cattle are down 8¢. August lean hogs are up 38¢.

August crude oil is currently up $2.17.

September S&P 500 futures are currently down 78 points. September Dow futures are up 267 points.

Published: 3:38 p.m. CT

Corn up 3¢: 8:59 a.m. CT

December corn is up 3¢ this morning.

November soybeans are up 3½¢.

All three September wheat contracts are up. CBOT wheat is up 8½¢. KC wheat is up 9¢. Minneapolis wheat is up 11¢.

“Corn and soybean futures worked higher in early trade for a second straight session amid support from concerns about crop damage from Monday’s Midwest derecho and hot, dry weather in the Black Sea region,” said The Brock Report near the end of the overnight session. “Gains have been limited, though, by large supplies and uncertainty about Chinese demand. Wheat futures have been boosted by demand from major importers and technically-driven short covering, with gains limited by large U.S. supplies and stiff export competition from Russia.”

August live cattle are down 65¢ this morning. August feeder cattle are down 90¢. August lean hogs are up $1.00.

August crude oil is up $1.30.

The U.S. Dollar Index September contract is down to 103.42.

September S&P 500 futures are down 56 points. September Dow futures are up 20 points.

Published: 8:59 a.m. CT