CBOT Wheat Closes Up 17¢

July corn ended the day up 7¢ at $4.54½ per bushel.

July soybeans closed up 2¼¢ at $10.53 per bushel.

July wheat contracts closed higher. CBOT wheat ended the day up 17¢ at $5.46 per bushel. KC wheat was up 13½¢ at $5.36¼. Minneapolis wheat was up 12¼¢ at $5.97¾.

“Corn, soybeans, and wheat were solidly higher through most of today’s session as managed money buyers returned to the market,” said Karl Setzer, partner at Consus Ag Consulting. “One reason for this was an addition of weather-related risk premium as weather forecasts this morning were drier in the western U.S. and wetter in the east, exactly the conditions developing crops do not need right now. The U.S. has nearly 20 million acres of corn left to plant and most of these are in less than ideal conditions, especially in the eastern U.S. where replants may be needed. To see prevent plant, given current market economics, would not be surprising, especially in areas where planting is as slow as 2019. A return of safe haven buying also supported commodities, but more so gold. This came on the heels of negative economic outlooks in the world market, including the U.S.”

August live cattle ended the day down 8¢ at $207.85 per hundredweight (cwt). August feeder cattle closed up 3¢ at $297.50 per cwt. July lean hogs were down 3¢ at $103.55 per cwt.

Ahead of 3 p.m. CT, July crude oil was up 13¢ at $62.27 per barrel.

June S&P 500 futures were down 35 points. June Dow futures were down 186 points.

Published: 3:03 p.m. CT

CBOT Wheat Up Nearly 14¢: 9:31 a.m. CT

As of 8:43 a.m. CT, July corn was up 3¢ at $4.50½ per bushel.

July soybeans were unchanged at $10.50¾ per bushel.

July wheat contracts were higher. CBOT wheat was up 13¾¢ at $5.42¾ per bushel. KC wheat was up 13¼¢ at $5.36. Minneapolis wheat was up 9¾¢ at $5.95¼.

“Corn futures were boosted overnight by technically-driven short covering despite beneficial rains in the western Corn Belt,” said The Brock Report. “Wheat futures are at eight- to nine-session highs on support from a drop in the U.S. winter wheat crop rating and hot, dry weather in some of China’s key winter wheat provinces. Soybean futures showed limited movement overnight and ended narrowly mixed with strong U.S. planting progress remaining a negative market factor.”

August live cattle were up 55¢ at $208.48 per hundredweight (cwt) as of 8:43 a.m. CT. August feeder cattle were up 73¢ at $298.20 per cwt. July lean hogs were down 78¢ at $102.80 per cwt.

July crude oil was down 42¢ at $61.72 per barrel.

The U.S. Dollar Index June contract was down to 100.27.

June S&P 500 futures were down 22 points. June Dow futures were down 98 points.

Published: 9:31 a.m. CT