Soybeans close up 16¢ ahead of a mid-week holiday | Tuesday, June 18, 2024

July corn closed up 6¼¢.

July soybeans are up 16¼¢.

All three July wheat contracts closed down. CBOT wheat is down 9½¢. KC wheat is down 4¾¢. Minneapolis wheat is down 5¾¢.

“A 2% drop in corn’s good-to-excellent crop ratings, and a higher soybean market provided support to the corn market, which was constrained by the July 200-day moving average below and the July 50-day moving average above,” says the Grain Market Insider newsletter by Stewart-Peterson Inc. “Overall, July corn closed just 2¢ off its high within an 8¼¢ trading range.

“The soybean market staged a turnaround Tuesday bolstered by strong soybean meal and oil prices. Old crop soybeans likely received extra support from the large NOPA [National Oilseed Processors Association] crush numbers reported yesterday, while new crop soybeans benefited from a 2% decline in good-to-excellent ratings in the Crop Progress report released yesterday afternoon.

“The wheat complex saw red across the board again today in all three classes. A fast harvest pace with better than expected yields, improved crop ratings, and lower MATIF wheat, all contributed to the negativity.”

August live cattle ended the day down 70¢. August feeder cattle are down $1.38. July lean hogs are down $1.60.

July crude oil is currently up $1.23.

September S&P 500 futures are up 15 points. September Dow futures are up 53 points.

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

Published: 3:31 p.m. CT

Soybeans up 15¢ this morning: 9:51 a.m. CT

July corn is up 4½¢ this morning.

July soybeans are up 15¼¢.

CBOT wheat is down 6½¢. KC wheat is down 2¢. Minneapolis wheat is down 4¢.

“The grains are in various states of flux this morning, following up sharp losses yesterday; corn was aided by yesterday afternoon’s ratings decline and does at least have a bit of fundamental momentum to buy dips,” said Matt Zeller, senior market intelligence analyst for StoneX, this morning near the end of the overnight session.

“Not so for soybeans, which are facing higher on an equal ratings decline but not before posting new move lows. Meanwhile, the weekly report was bearish across the board for wheat, with the spring ratings up sharply and the winter harvest advancing nicely and clearly finding better yields along the way. Condition ratings of all U.S. crops remain in strong shape, but the corn and soybean losses this week were driven chiefly by key production state Illinois (-9% good/excellent for corn, -8% good/excellent for soybeans).”

 August live cattle are down 13¢. August feeder cattle are down 25¢. July lean hogs are down 78¢.

July crude oil is up 93¢.

The U.S. Dollar Index September contract is down to 104.80.

September S&P 500 futures are up 9 points. September Dow futures are up 13 points.

Published: 9:51 a.m. CT