Corn and Wheat In the Red

Ahead of 9:15 a.m. CT, July corn was down 5½¢ at $4.37 per bushel.

July soybeans were up a penny at $10.58¼ per bushel.

July wheat contracts were lower. CBOT wheat was down 12¾¢ at $5.42 per bushel. KC wheat was down 12¼¢ at $5.37. Minneapolis wheat was down 10¼¢ at $6.25.

“Grain and soybean futures came under pressure in early trading from expectations for this afternoon’s USDA Crop Progress report to indicate improved U.S. crop conditions,” said The Brock Report, speaking of the overnight trade. “Wheat futures also felt pressure from a larger Russian crop forecast. However, soybean futures were underpinned by hopes for positive news on trade with China as market participants awaited the outcome of U.S.-China trade talks being held in London.”

Arlan Suderman, chief commodity economist at StoneX, said: “Both China and the U.S. sent their top trade officials to London today to follow up on the 90-minute phone call between President Trump and President Xi late last week. Trade negotiators will seek to find some common ground at a time when common ground is becoming increasingly difficult to find between the two world superpowers. The two powers have found something that they can agree on each time that they’ve had a significant meeting, and that may be true again today as well. But the differences separating the two are vast, and we should be wary of expecting those differences to be settled any time soon.”

Ahead of 9:15 a.m. CT, August live cattle were up 95¢ at $219.83 per hundredweight (cwt). August feeder cattle were up 40¢ at $310.55 per cwt. July lean hogs were up 18¢ at $107.28 per cwt.

July crude oil was up 17¢ at $64.75 per barrel.

The U.S. Dollar Index June contract was down to 99.06.

As of 9:15 a.m. CT, June S&P 500 futures were up 5 points. June Dow futures were down 145 points.

Published: 9:53 a.m. CT