Soybeans close down 25¢ | Monday, July 15, 2024

December corn ended the day down 10½¢.

November soybeans closed down 25¼¢.

All three September wheat contracts closed down. CBOT wheat is down 18¼¢. KC wheat is down 12¼¢. Minneapolis wheat is down 16¾¢.

“Corn, soybeans, and wheat all opened under pressure today as funds continued their selling, even with markets becoming heavily oversold,” says Karl Setzer, partner at Consus Ag Consulting. “What is being perceived as favorable growing conditions across the U.S. is the primary reason for this selling, even with several reports of localized crop damage coming in. Most of these are in the western Corn Belt, but stress is now being seen in the east from excessive rains, especially on the wheat crop that is being harvested.

“The lack of a bullish reaction to the July WASDE [World Agricultural Supply and Demand Estimates] data also weighed on trade today, as did a mixed weekly export report. This was most negative for the soy complex with new contract lows being set in today’s trade. All contracts were pressured by a disappointing economic report out of China that showed second quarter growth of 4.7%, below estimates for a 5.1% increase. This continues to bring into question China’s demand, which is already at historically low levels, mainly on new crop.... The cash markets firmed today but failed to offset losses in futures.

“ ... The National Oilseed Processors Association soybean crush report for June came in just under the average trade guess but was still a record for the month. Soybean crush for the month totaled 175.6 million bushels, 2.3 million under the average trade estimate. This was also below the 183.6 million bushel crush total from May. Soy oil reserves at the end of June totaled 1.62 billion pounds, just under the average trade estimate for 1.67 billion pounds. Soy oil reserves at the end of May totaled 1.72 billion pounds.”

August live cattle closed down 25¢. August feeder cattle are up 13¢. August lean hogs are down 3¢.

August crude oil is currently down 24¢.

September S&P 500 futures are currently up 27 points. September Dow futures are up 286 points.

Published: 2:25 p.m. CT

Soybeans down 20¢: 9:32 a.m. CT

December corn is down 4¼¢ this morning.

November soybeans are down 20½¢.

September wheat contracts are also lower. CBOT wheat is down 17¢. KC wheat is down 12¼¢. Minneapolis wheat is down 13½¢.

This afternoon at 3 p.m. CT, the USDA is expected to release the weekly Crop Progress report.

“Satellite data shows a lot of problems developing with the crop in Minnesota, northwestern Iowa, and southeastern South Dakota, where heavy rains created significant flooding and ponding problems last month,” says Arlan Suderman, chief commodities economist for StoneX.

“However, conditions in the rest of the Midwest are thus far compensating for the problems in the northwestern Midwest amid expectations that we’ll see that trend continue with this afternoon’s ratings as well. Temperatures remain quite seasonal across the bulk of the Midwest over the next two weeks as the bulk of the crop goes through pollination. A few pockets of rainfall deficits remain, which will need to be monitored, but the bulk of the crop looks good.”

Al Kluis, managing director of Kluis Commodity Advisors, says “U.S. corn and soybean crop ratings are likely to rise this week. Last week was good for the crops. Rain in the eastern Corn Belt and drier conditions in the western Corn Belt is a positive combination for the corn and soybean crops.”

August live cattle are down 28¢ this morning. August feeder cattle are down 15¢. August lean hogs are up 85¢.

August crude oil is down 54¢.

The U.S. Dollar Index September contract is down to 103.76.

September S&P 500 futures are up 30 points. September Dow futures are up 210 points. 

Published: 9:32 a.m. CT