Soybeans close down 30¢ | Monday, July 8, 2024

December corn ended the day down 16¼¢.

November soybeans closed down 30¼¢.

September wheat contracts ended the day down as well. CBOT wheat is down 20¢. KC wheat is down 21¾¢. Minneapolis wheat is down 15¾¢.

“Futures trade started the week with sizable losses in the commodity market,” says Karl Setzer, partner at Consus Ag Consulting. “Much of this was technical with several contracts seeing new all-time lows. What trade perceives as favorable growing conditions across the United States limited buying interest today which amplified the day’s selling pressure.

“While the remnants of Hurricane Beryl will bring needed rain to the eastern Corn Belt and into the Ohio Valley, this is being offset by crop loss in the western belt. Heavy storm damage is being reported in Iowa and Nebraska with hail being the major cause of loss. When added to recent flood loss, the odds of reaching a national corn crop as large as the USDA is predicting are less likely. This gave the corn market more fundamental support than soybeans and wheat found today.

“All contracts were pressured by a lack of fresh news and limited urgency in the market from a risk point of view. Trade also expects this afternoon’s crop ratings to hold steady from last week which further limited buying interest in today’s session.”

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

August live cattle closed down $2.08. August feeder cattle are down $2.30. August lean hogs are up 35¢.

August crude oil is currently down $1.02.

September S&P 500 futures are currently up 3 points. September Dow futures are down 36 points.

Published: 2:12 p.m. CT

Soybeans down 28¢ this morning: 9:36 a.m. CT

December corn is down 13¢ this morning.

November soybeans are down 28¢.

September wheat contracts are also in the red. CBOT wheat is down 23¢. KC wheat is down 25¾¢. Minneapolis wheat is down 18¾¢.

“The Fourth of July holiday is known for its volatile price action for the grain and oilseed sector when the markets reopen,” says Arlan Suderman, chief commodities economist for StoneX. “That’s largely because the weather models tend to look deep into the time of corn pollination when we come out of the holiday break, providing some indication of whether the crop will be at risk or not. A forecast calling for heat and dryness during pollination tends to lead to active fund buying, while the opposite tends to be true as well.

“Prices firmed on Friday, but they came under pressure overnight, with traders anticipating active harvest pressure in wheat and generally favorable conditions for corn and soybean development going forward.

“...USDA will release its updated crop balance sheets on Friday, incorporating acreage and stocks data from its June 28 reports. I do not expect a change in its yield estimate on Friday. The bottom line is that Friday’s report is expected to show new-crop corn ending stocks above 2.2 billion bushels, with soybean stocks still boasting a ‘4’ handle as well. Neither market is immune to a weather risk, but such a risk is not yet apparent to the market either.”

This morning USDA announced unknown destinations are buying 135,636 metric tons of corn — 50,800 for the 2023/2024 marketing year and 84,836 for the 2024/2025 marketing year.

Later today USDA will release the weekly Crop Progress report. Al Kluis, managing director of Kluis Commodity Advisors, says he expects corn and soybean condition ratings to move higher this week.

August live cattle are up 10¢. August feeder cattle are up 80¢. August lean hogs are up $1.05.

August crude oil is down 65¢.

The U.S. Dollar Index September contract is down to 104.50.

September S&P 500 futures are up 12 points. September Dow futures are up 201 points.

Published: 9:36 a.m. CT