Grain futures higher ahead of WASDE tomorrow | Thursday, July 11, 2024

Grain futures are higher this morning after a bearish streak ahead of the USDA report tomorrow morning. Many futures contracts hit or were very close to contract lows in recent days. The rally today is likely a little short covering. Corn is up 6¢, soybeans are up 7¢ and wheat futures are up 8 to 13¢. 

Livestock futures are quietly higher this morning after a rough past three days. August Feeder Cattle had fallen $10 from the high on Monday to the low yesterday. Feeder Cattle futures are up $1.40 to $1.70. Live Cattle are up 60¢ and Lean Hogs are near steady to start the day.  

The U.S. dollar index is down 0.70 points this morning at 104.3. Futures are well below the 100-day moving average after the slide today. The dollar is reacting to a better than expected CPI report out earlier showing inflation pressure is easing. The stock market is trading near steady while crude oil futures are down 50¢. 

Published at 8:48 a.m. CST

For a free trial of The Kluis Report, including three times a day market updates and the Saturday newsletter, visit kluiscommodities.com, call 888-345-2855, or email info@kluiscommodityadvisors.com.

Editor's Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.