Grains end the day mixed | Wednesday, June 26, 2024

The later months led the way down for corn and soybeans at the close. December corn is down 6½¢, with September and July down by lesser amounts. November soybeans closed down 4½¢, with August and July down by lesser amounts.

Wheat is more mixed but mostly in the green. July CBOT wheat is down less than a penny while September is unchanged and December is up slightly. September KC wheat is up by 3¢ and July is up by 4¢. July and September Minneapolis wheat are both up less than a penny.

“Bears remain in control of the corn market as the lead months close lower for the seventh time in eight sessions,” says the Grain Market Insider newsletter from Stewart-Peterson Inc. “Anticipation of potentially bearish Grain Stocks and Acreage reports and the pricing of basis contracts ahead of first notice day added to the negative sentiment.

“Despite trading higher in the overnight session and for much of the day, sellers took control of the soybean market aided by declines in soybean meal.

“The wheat complex settled in a mixed fashion after trading higher across the board earlier in the day, as harvest pressure remains a limiting factor, along with continued strength in the U.S. dollar, which traded above the 106 level for the first time since May 1.”

August live cattle closed up $2.33. August feeder cattle are up $2.73. July lean hogs are up 90¢ and August lean hogs are up $2.23.

August crude oil is currently down 19¢.

September S&P 500 futures are currently down 2 points. September Dow futures are up 33 points.

Published: 3:34 p.m. CT

Wheat making gains this morning: 9:31 a.m. CT

July corn is down less than a penny this morning. September and December corn are also down.

July soybeans are up 7¾¢. August soybeans are up as well but November soybeans are down.

All three July wheat contracts are up: CBOT wheat is up 6¢. KC wheat is up 11¢. Minneapolis wheat is up 8¢.

On Friday USDA is expected to release the annual Acreage report, which will include updated estimates for 2024 corn, soybean, and wheat planted acres. Ahead of the report, the Kluis Commodity Advisors/Successful Farming survey found farmers planted over 6 million fewer corn acres year-over-year. They survey results show farmers planted fewer corn acres than USDA previous projected and more soybean acres.

“Whatever the USDA says Friday for planted and harvested corn acres, we will see that number reduced by 500,000 to 1 million acres in the August report," says Al Kluis, managing director of Kluis Commodity Advisors. “I hope the USDA will re-survey the northern and western Corn Belt before that Aug. 12 report.  

“I am watching the drought in China expand into their northern plains, where most of the nation’s corn and soybeans are produced. With new crop soybeans at the lowest price since 2021, I expect them to start buying at any time.”  

August live cattle are up 55¢. August feeder cattle are up $1.13. July lean hogs are down 8¢.

August crude oil is up 34¢.

The U.S. Dollar Index September contract is up to 105.61.

September S&P 500 futures are down 6 points. September Dow futures are down 155 points.

Published: 9:31 a.m. CT