Posted at 11:21 am – Following Friday USDA reports, July corn is down 1 1/4 cents a bushel, July soybean price is down 5 1/2 cents, July KC wheat is up Up 37 1/4 cents, July Chicago wheat is up 12 cents 3/4 cents and July Minneapolis wheat is up 15 1/4 cents. The Dow Jones Industrial Average is down 123.12 points and Crude Oil is down $0.63 a barrel in June. The US dollar index is up 0.590 and gold is down $4.80 an ounce in June. Friday’s reports included record forecasts for US corn and soybean production in 2023, with 2023-24 ending stocks above the average of pre-report estimates. US wheat production and ending stocks for 2023-24 are estimated at lower than expected levels.
Posted at 10:30 – In Friday morning trade July Corn is down 4 cents a bushel, July Soybeans are down 6 1/4 cents, July KC Wheat is up 8 cents, Chicago Wheat in July is up 5 cents and Minneapolis wheat is up 5 cents in July, down 3/4 cents. The Dow Jones Industrial Average is down 83.78 points and crude oil is up $0.08 a barrel in June. The US dollar index is up 0.510 and gold is down $5.20 an ounce in June. Ahead of Friday’s WASDE and May crop production reports, row crop and spring wheat prices have given up overnight gains, while winter wheat and nearby soybean meal contracts continue to post gains. Weather is considered a bearish factor for all three crops, while US dollar strength and the impact of stock trading are bearish factors in early trading.
Posted 8:34 AM – July Corn is up 1/4 cent a bushel, July Soybeans are up 1 1/2 cents, July KC Wheat is up 15 1/2 cents, July is Chicago Wheat up 7 3/4 cents and in July Minneapolis wheat was up 10 3/4 cents. The Dow Jones Industrial Average is up 76.50 points and crude oil is up $0.51 a barrel in June. The US Dollar Index is up 0.190 and Gold is up $3.30 an ounce in June. Corn is little changed while wheat markets are significantly higher on anticipation of a possible bullish production report from WASDE. Soymeal remains adamant that the US flour could boost some export business amid the decline in Argentina’s soybean crop.
Posted at 11:28am – June live cattle are up $1.45 to $164.4, August feed cattle are up $2.10 to $228.175, June lean hogs are up $0.30 to $83.575 down, in July corn was up 2 3/4 cents a bushel and in July soybean meal was up $2.50. The Dow Jones Industrial Average is down 120.33 points. Friday’s WASDE report will help traders continue to trade cattle contracts higher, but unfortunately the much-needed support the hog market is seeking failed to surface in the report. The livestock complex is likely to close Friday mixed, with cattle rounding out the day on a higher note while hogs continue to cut sideways/slightly lower.
Posted 08:39 — In June live cattle are up $0.30 to $163.25, in August forage cattle are down $0.25 to $225.825, in June lean hogs are down $0.03 to 83.9 $up, in July corn is down 1 1/2 cents a bushel and in July soybean meal is up $1.70. The Dow Jones Industrial Average is up 76.01 points. Entering the last trading day of the week, traders are more supportive of the livestock sector as most contracts are trading higher. It will be important to keep an eye on this morning’s WASDE report as it could be a clue as to how trading will evolve early next week.
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