Wheat closes down 11¢ | Thursday, May 30, 2024

July corn closed down 6½¢.

July soybeans closed down 4¼¢.

CBOT wheat is down 11¾¢. KC wheat is down 10¼¢. Minneapolis wheat is down 10¢.

“Corn closed lower for the third day in a row, breaking moving average support levels, as we head into month-end,” says Phyllis Nystrom, commodity broker with CHS Hedging. “Added pressure came from the sell-off in wheat.

“Soybeans closed lower for a third session in limited ranges as they approached moving average support levels ahead of month-end.

“Southern Russia and eastern Ukraine have rain in the forecast over the next 10 days and technical [selling]/profit-taking into month-end drove wheat prices sharply lower today.”

August live cattle closed down 43¢. August feeder cattle are down $1.18. July lean hogs ended the day up 63¢.

Crude oil is down $1.32.

S&P 500 futures are down 31 points. Dow futures are down 293 points.

Published: 4:40 p.m. CT

Wheat and corn in the red this morning: 9:51 a.m. CT

July corn is down 1¼¢ this morning.

July soybeans are up 5¢.

CBOT wheat is down 8¾¢. KC wheat is down 7½¢. Minneapolis wheat is down 4¼¢.

“While corn and soybeans prices have sold off over the past two days, prices are now testing important support levels,” says Naomi Blohm, senior market adviser for Total Farm Marketing. “July corn has support at $4.50 (resistance at $4.70). December corn has support at $4.75 (resistance at $4.95). July beans have support at $12.00 (resistance at $12.50). Month-end position squaring is also noted.”

Looking forward to the weekend, the Commstock Report notes more rain is expected to hit some of the top corn-growing states.

“Widespread rains are expected to return over much of the Plains and Western Corn Belt through the weekend,” says the report. “But with planting progress now ahead of the five-year averages, concern about ‘delayed planting’ has vanished and the trade seems to be settling back into the ‘rain makes grain’ mode of thinking.”

Livestock is also largely in the red this morning. August live cattle are down 18¢. August feeder cattle are down 5¢. July lean hogs are down 33¢.

Crude oil is down 46¢.

S&P 500 futures are down 23 points. Dow futures are down 346 points.

Published: 9:51 a.m. CT