(Illustration by Nick Scalise)
OMAHA (DTN) – Sales of new-crop corn and soybeans eased on Thursday morning, but wheat prices remain low after Russian President Putin’s election gift to Turkish President Erdogan on Wednesday. Corn in December is down 3 1/4 cents and soybeans are down 3 cents in November with soybean oil up 0.57 cents in July. July KC wheat is down 27 1/4 cents and July Minneapolis wheat is down 29 1/2 cents, two wheat varieties that have significant weather-related challenges. June Crude Oil prices are down $0.83 and Dow Jones futures are down 35 points. The US Dollar Index was up 0.65, putting downward pressure on commodity prices on Thursday. Gold prices in June fell by $27.70.
Posted 08:34 – After opening Thursday at 8:30am CDT, the grain exchange is posting multiple double-digit losses, led by wheat after news Wednesday that Russia has agreed to a two-month extension to the Black Sea Grains Agreement. Export sales on Thursday morning added to selling pressure as corn and wheat reported net sales cancellations. December corn is down 6 cents and November soybeans are down 11 1/4 cents with Thursday looking to be another auspicious day for sowing. The KC wheat price for July is down 33 cents despite another gloomy report on harvest conditions on the second day of the Kansas wheat tour. Minneapolis wheat is down 32 cents in July. June Crude Oil prices are down $0.48 and Dow Jones futures are down 65 points. The US Dollar Index is up 0.46 and Gold prices for June are down $22.00.
Posted 08:39 – In August live cattle are up $0.15 to $163.275, in August feed cattle are up $1.78 to $232.925, in June lean hogs are down $1.35 to $83.525 in July corn is down 11 1/4 cents a bushel and in July soybean meal is down $5.30. The Dow Jones Industrial Average is down 96.21 points. Beef net sales in 2023 came in at 17,400 tons, up 5% from the previous week and 7% from the previous four-week average. The three largest customers were Japan (4,600 mt), South Korea (3,500 mt) and China (2,900 mt). Net sales of 31,900 tons of pork in 2023 were up 6% from the previous week but down 25% from the previous four-week average. The three largest buyers were Mexico (15,500 mt), China (5,200 mt) and Japan (2,700 mt).
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