Soybeans close down 4¢ | Friday, May 31, 2024

July corn ended the day down 2½¢ and the week down more than 18¢.

July soybeans are down 4¾¢ for the day and down 43¢ week-over-week.

CBOT wheat closed today down 2½¢. KC wheat is down less than a penny. Minneapolis wheat is down 2¼¢. All three contracts ended the week lower than last Friday’s close.

“Grains were firmer overnight but faded shortly after the morning open,” says the Commstock Report. “The sharp reversal for soy oil weighed on beans while give up for wheat helped pressure corn. Weaker crude oil prices were negative for much of the commodity space. Fresh news was otherwise limited.

“Grain export sales were nothing to write home about. Corn export sales were the best of the bunch and there was talk about business with Mexico picking up even more as that country deals with an expanding drought. The U.S. forecast was still off-and-on wet through at least the early part of next week. Rain was also still in the mix for Russia to quiet that bullish storyline. Loss of technical support earlier in the week emboldened the hedge funds to defend their remaining short positions.” 

August live cattle are down $1.33. August feeder cattle are down $2.68. July lean hogs are up 18¢.

Crude oil is currently down 66¢.

S&P 500 futures are currently up 45 points. Dow futures are now up 577 points.

Published: 3:29 p.m. CT

Soybeans up 10¢ this morning: 9:25 a.m. CT

July corn is up 2¼¢ this morning.

July soybeans are up 10¼¢.

CBOT wheat is up 2½¢. KC wheat is up 5½¢. Minneapolis wheat is up 3¢.

This morning, the USDA released the weekly Export Sales report.

“Weekly export sales won’t move the needle much for the grains and soybeans today, with sales mostly aligned with expectations,” says The Brock Report. “USDA reported net corn sales of 810,000 metric tons for 2023/2024, within trade guesses of 600,000 to 1.0 million metric tons, while new-crop net sales of 188,000 metric tons compared to trade guesses of zero to 400,000.

“Soybean net export sales of 329,000 metric tons for 2023/2024 were within trade guesses of 200,000 to 400,000, while new-crop sales were virtually non-existent at 6,900 metric tons.

“Wheat net export sales for the 2023/2024 marketing year, which concludes today, were minus 60,900 metric tons, with trade guesses ranging from minus 100,000 to plus 100,000, while new-crop net wheat sales came in at 381,700 metric tons, within trade guesses of 200,000 to 400,000.”

August live cattle are down $1.00. August feeder cattle are down $1.45. July lean hogs are down 5¢.

Crude oil is down 8¢.

S&P 500 futures are down a point. Dow futures are up 6 points.

Published: 9:25 a.m. CT