Posted 8:35 AM – Corn in July is up 7 1/2 cents a bushel, Soybeans in July are up 14 1/2 cents, KC Wheat in July is down 12 1/4 cents, Chicago Wheat in July is down 4 3/4 cents and Minneapolis Wheat is down 6 1/2 cents in July. The Dow Jones Industrial Average is down 11.92 points and Crude Oil is down $0.18 a barrel in July. The US dollar index is up 0.010 and gold is down $7.30 an ounce in June. Corn and the soy complex rebounded into the new week after last week’s bearish sell-off. Wheat remains in the doldrums as both Chicago and KC threaten a fifth consecutive worse result. The USDA announced new soybean cake and meal sales to the Philippines – 225,000 tons for 2022-23. It looks like the US may be able to absorb some of the demand from lost Argentine soybean production.
Posted Sunday at 7:05pm – December Corn is down 2 1/4 cents and November Soybeans are up 1/2 cent. Overall, the weekend again offered a good opportunity for sowing row crops. There was some rain in southern Brazil over the weekend, but the forecast for the safrinha-growing regions is still mainly drought. KC wheat is down 5 1/2 cents in July and Minneapolis wheat is down 1 1/2 cents in July. Crude oil is up $0.09 in July and Dow Jones futures are down 38 points as President Joe Biden and House Speaker Kevin McCarthy are expected to meet Monday to resume talks on the debt ceiling. The US Dollar Index is down 0.17 and Gold prices for June are up $1.80. Late Friday, Chris Clayton, Editor for DTN Ag Guidelines, reported that an elderly Tennessee cow was diagnosed with an atypical case of bovine spongiform encephalopathy, but the cow never entered slaughter channels and posed no risk to the food supply.
Posted at 11:41 am – August live cattle down $1.03 to $163.275, August feed cattle down $1.13 to $233.975, June lean hogs down $0.75 to $82.275, in July corn is up 13 1/4 cents a bushel and in July soybean meal is up $2.50. The Dow Jones Industrial Average is down 105.28 points. The livestock complex is trading lower into Monday midday as higher corn prices weigh on the market. As corn begins to stabilize, livestock and forage markets have a chance to trade steady to slightly higher; but by then the cattle will be at the mercy of the corn.
Posted 08:38 – In August live cattle are down $0.20 to $164.1, in August feed cattle are down $0.78 to $234.325, in June lean hogs are down $0.18 to $83.2 up, in July corn was up 7 1/4 cents a bushel and in July soybean meal was up $2.60. The Dow Jones Industrial Average is down 15.33 points. Despite Friday’s supportive Cattle on Feed report, cattle contracts are mostly lower, while lean hog contracts are higher as Monday’s restart begins. Some of the pressure in the cattle market could come from higher corn prices as nearby contracts are already trending $0.03 to $0.08 higher.
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