Soybeans close down 22¢ | Monday, June 17, 2024

July corn ended the day down 6¼¢.

July soybeans are down 22¢.

July wheat contracts also settled down. CBOT wheat closed down 21¼¢. KC wheat is down 22¢. Minneapolis wheat is down 17¢.

“Heavy pressure was seen in the market to start the week, and this lasted for all of today’s session,” says Karl Setzer, partner at Consus Ag Consulting. “Fund selling was the primary reason for this, and put more pressure on soybeans and wheat as funds are already short a sizable number of corn contracts. The lack of a weather threat on the U.S. crops and weaker South American basis values added market pressure. The Brazilian safrinha harvest is at 20% complete compared to just 5% last year. This corn is already making its way into the export market. Losses in the products added pressure to soybeans today and wheat faced additional weakness from the harvest of the winter crop.

“A factor that weighed on trade today was economic news out of China. China’s industrial output increased a slower-than-expected 5.6% in the month of May. China’s government also opted to keep its one year interest rate at 2.5%. The most disappointing economic news was on China’s new home sales that declined 3.9% from May 2023 to May 2024. This was the largest drop since June 2015. As China’s economy remains unstable, so does their commodity demand. This is most concerning on new crop soybeans where China remains absent from the purchase list.”

August live cattle settled down 38¢. August feeder cattle are down 65¢. July lean hogs are up $1.73.

July crude oil is currently up $1.96.

September S&P 500 futures are currently up 51 points. September Dow futures are up 215 points.

Published: 2:11 p.m. CT

Soybeans down 19¢: 9:35 a.m. CT

July corn is down 4¾¢ this morning.

July soybeans are down 19½¢.

CBOT wheat is down 19¢. KC wheat is down 19½¢. Minneapolis wheat is down 13¢.

Today at 3 p.m. CT, the weekly USDA Crop Progress report is expected to be released.

“Crop conditions for U.S. corn, soybeans and spring wheat will move 2% to 3% lower this week,” says Al Kluis, managing director of Kluis Commodity Advisors. “It is staying wet in the northern and western Corn Belt, and dry now in the central and eastern Corn Belt. The key to watch will be corn ratings in Iowa and Illinois. 

“I am watching the price action this week in the grain markets. This is a key change-of-trend week. One year ago this week, prices put in an important high.”

 August live cattle are up 10¢. August feeder cattle are up 70¢. July lean hogs are up $1.45.

July crude oil is up 70¢.

The U.S. Dollar Index September contract is up to 105.18.

September S&P 500 futures are down one point. September Dow futures are down 77 points.

NOTE: In recognition of Juneteenth, grain and livestock markets will be closed on Wednesday, June 19.

Published: 9:35 a.m. CT