Soybeans settle up 8¢ | Wednesday, July 3, 2024

December corn closed down 1¾¢.

November soybeans ended the day up 8½¢.

All three September wheat contracts closed down. CBOT wheat is down 7¢. KC wheat is down 8¾¢. Minneapolis wheat is down 8¼¢.

“Corn didn’t stray too far from unchanged during the day session but was mostly lower,” says Phyllis Nystrom, commodity broker with CHS Hedging. “Volumes were thin in lackluster trading. Corn remains oversold. Corn has closed lower in nine of the last 10 days.

“The day after the 4th of July, December corn closed lower in three of the last four years. Last year it was unchanged.

“Short-covering continued in soybeans and soy oil. SQ [August soybeans] and SX [November soybeans] set new highs for the week before pulling back slightly.

“Soy oil was up for a 6th straight day and pulled beans with it.

“The day after the 4th of July, November soybeans closed lower in five of the last six years. They have closed lower in nine of the years since 2013. Last year they were slightly higher.”

August live cattle closed up 83¢. August feeder cattle are up $2.28. August lean hogs are up 5¢.

August crude oil is currently up 88¢.

September S&P 500 futures are currently up 22 points. September Dow futures are down 50 points.

NOTE: Grain and livestock markets are closed Thursday, July 4 in observation of Independence Day and will reopen Friday, July 5 at 8:30 a.m. CT.

Published: 3:36 p.m. CT

Soybeans up 7¢: 9:04 a.m. CT

December corn is down 2¾¢ this morning.

November soybeans are up 7¢.

All three September wheat contracts are down. CBOT wheat is down 3¼¢. KC wheat is down 5¼¢. Minneapolis wheat is down 7¼¢.

USDA announced a new soybean export sale this morning. Unknown destinations are buying 110,100 metric tons of soybeans — 55,100 for the 2023/2024 marketing year and 55,000 for the 2024/2025 marketing year.

“Soybeans continue to be buoyed by a soaring soybean oil market stemming from talk of trade war between Indonesia and China,” said the Commstock Report this morning prior to the 8:30 a.m. CT market open. ”Indonesia is threatening tariffs of 100% to 200% on imports of Chinese manufactured goods to protect its own manufacturing while its primary export to China is palm oil. That leaves China with few retaliatory options besides sanctions on palm oil.”

Concerning corn and wheat, the Commstock Report said, “Corn remains under pressure from a sense that mostly favorable weather elsewhere is more than offsetting the persistent rain and soggy conditions threatening the upper Midwest.

“So far, traders don’t seem concerned about the latest Drought Index Outlook predicting the return of drought conditions over most of the Eastern Corn Belt through September. Rapid harvest of wheat continues to pressure that market. Other factors pressuring wheat are reports of better than expected yields for Russian wheat and recent improvement in Australia’s prospects.”

August live cattle are up 48¢. August feeder cattle are up $1.33. August lean hogs are up 8¢.

August crude oil is up 31¢.

The U.S. Dollar Index September contract is down to 105.03.

September S&P 500 futures are up 3 points. September Dow futures are up 20 points.

Published: 9:04 a.m. CT