(Illustration by Nick Scalise)
OMAHA (DTN) – Row crops are declining midday Thursday due to continued downward pressure from South America. July corn was down 4 1/2 cents and July soybean prices were down 11 3/4 cents, with both products also slightly lower. In July, KC wheat rose 6 1/2 cents, in July Chicago rose 2 1/2 cents despite canceled sales in China, and in July Minneapolis wheat rose 7 3/4 cents. June crude oil prices fell $0.29 and Dow Jones futures rose 306 points. The US Dollar Index is up 0.02 and June gold prices are up $10.50. Traders continue to wait for Israel's next decision on Iran, but may be losing some of their earlier concern.
Posted at 8:43 a.m. – After opening Thursday at 8:30 a.m. CDT, July corn is down 3 1/2 cents and July soybeans are down 10 1/2 cents as crop pressure from the South continues . In July, KC wheat was up 5 cents and in July, Minneapolis wheat was up 6 1/2 cents. Crude oil rose $0.27 in June and Dow Jones futures rose 103 points. The US Dollar Index is up 0.10 and gold is up $7.80 in June. Thursday morning's export sales report showed active corn and wheat shipments, but China forego 4.8 million earlier wheat sales, mostly soft red winter wheat. The USDA also said 138,000 tons of U.S. soybean cake and flour were sold to the Philippines in 2023-24.
Posted 8:45 a.m. – June live cattle are down $0.03 to $175.3, May feeder cattle are up $0.03 to $240.3, June lean hogs are up $0.40 to 102,325 $ down, May corn down 2 1/2 cents per bushel and May soybean meal down $2.10. The Dow Jones Industrial Average rose 119.45 points. Beef net sales in 2024 were 17,700 tonnes, up 30% from the previous week and 27% above the previous 4-week average. The three main buyers were South Korea (5,400 tons), China (3,600 tons) and Japan (2,800 tons). Net sales of 21,800 tons of pork in 2024 – a marketing year low – were 54% below the previous week and 47% below the previous 4-week average. The three main buyers were Mexico (8,500 tons), China (3,000 tons) and Japan (2,900 tons).
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