Soybeans close down 18¢ | Tuesday, May 28, 2024

July corn ended the day down 2¼¢.

July soybeans are down 18½¢.

CBOT wheat closed up 3¢. KC wheat is up 10¢. Minneapolis wheat is up 4¾¢.

“The corn market initially showed early strength, which faded as the wheat market declined,” says the Grain Market Insider newsletter by Stewart-Peterson Inc. “Selling pressure increased further due to weakness in soybeans. Although corn opened strong, it closed near the bottom of its range by the end of the day, resulting in a bearish reversal on the daily chart.

“Soybeans opened strong in the overnight session, but they closed with a bearish reversal due to carryover weakness from sharply lower soybean meal, which also ended with a bearish reversal after hitting a new recent high.

“The wheat complex saw strong gains in the overnight session on renewed concern regarding wheat production in the Black Sea region. ... Despite this, all three classes settled well off session highs, with weakness from lower MATIF wheat.”

August live cattle closed up 70¢. August feeder cattle are up $4.38. July lean hogs are down 70¢.

Crude oil is up $2.49.

June S&P 500 futures are up 3 points. June Dow futures are down 228 points.

Published: 4:01 p.m. CT

Wheat up 6¢: 9:22 a.m. CT

July corn is down 2¢ this morning.

July soybeans are down 12½¢.

CBOT wheat is up 6¢. KC wheat is up 12½¢. Minneapolis wheat is up 6¢.

“Wheat continues to have the most intriguing story, in my view,” says Arlan Suderman, chief commodities economist for StoneX. “Local sources suggest that between 1.5 and 2.0 million hectares of crops may have been adversely impacted by spring freezes in Russia, while the greater losses are due to drought stress across much of the region.

“... Ukraine’s wheat production estimate has been lowered to 19.1 million metric tons, according to local sources. We see a pivotal point currently at 100 million metric tons combined for the two countries, with a number below that level expected to have a noticeable impact on global wheat trading patterns.”

This morning USDA announced a new export sale to Mexico. The U.S. border country is buying 215,000 metric tons of corn — 165,000 metric tons for the 2023/2024 marketing year and 50,000 metric tons for the 2024/2025 marketing year.

This afternoon at 3 p.m. CT USDA is expected to release the weekly Crop Progress report.

“The trade is expecting corn planting to be at 80% to 83%,” says Al Kluis, managing director of Kluis Commodity Advisors. “The key to watch is corn planting and emergence in the state of Iowa.”

August live cattle are down 38¢ this morning. August feeder cattle are up 90¢. July lean hogs are down 85¢.

July crude oil is up $1.36.

The U.S. Dollar Index June contract is down to 104.47.

S&P 500 June futures are up 2 points. Dow June futures are down 140 points.

Published: 9:22 a.m. CT