(Illustration by Nick Scalise)
Posted at 8:35 am – December Corn is up 7 cents a bushel, November Soybeans are up 34 1/4 cents, September KC Wheat is up 9 cents, September Chicago Wheat is up 2-3 /4 cents down and September Minneapolis wheat is up 8 cents. The Dow Jones Industrial Average is down 90.31 points and crude oil is up $0.21 a barrel in August. The US Dollar Index is up 0.030 and Gold is up $3.40 an ounce in August. The soybean complex is back up sharply at the start of the new week, adding to last week’s positive reaction to the shockingly low June acreage numbers. The landscape for the soybean market has changed dramatically with this report as the market needs to increase to encourage taller plantings in 2024. Corn is struggling to rebound after Friday’s sharp drop, which was attributed to higher corn planting than traders were expecting.
Posted on Sunday, July 2nd at 7:05pm – After Sunday night’s opening time, corn and soybean prices are still being impacted by the USDA’s higher than expected corn plantings on Friday and lower than expected soybean planting estimates. Corn in December is down 1 cent and soybeans are up 11 cents in November. Much of the corn belt saw favorable rains over the weekend, but the Dakotas, Minnesota, northern Iowa and Wisconsin were largely absent. Moderate amounts of rain are expected in Nebraska, northwestern Iowa and southern Minnesota over the next few days, with milder temperatures intruding from the northwestern plains. September KC wheat is down 8 cents and September Minneapolis wheat is down 4 1/4 cents. August Crude Oil prices are down $0.18 and Dow Jones futures are up 1 point. The US dollar index is up 0.04 and gold is down $3.40 in August.
OMAHA (DTN) – Live cattle down $0.53 to $176.65 in August, feed cattle down $0.98 to $246.6 in August, lean hogs down in August Up $0.88 to $93.475, Corn in December is up 6 1/2 cents a bushel and Soybean Meal is up $8.70 in December. The Dow Jones Industrial Average is down 79.32 points. Both the livestock and forage cattle contracts are balking at trading higher, while nearby corn contracts are up $0.08-$0.11 this morning. Meanwhile, lean hog contracts are still recovering and don’t seem to care as much about feed prices at the moment.
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