Corn Closes Up More Than 5¢

July corn ended the day up 5¼¢ at $4.38¾ per bushel.

July soybeans closed up 1¾¢ at $10.57¾ per bushel.

July wheat contracts closed lower. CBOT wheat ended the day down 7½¢ at $5.34½ per bushel. KC wheat was down 10¼¢ at $5.27¼. Minneapolis wheat was down 9¼¢ at $6.13¼.

“All three wheat classes posted sizable losses for a second consecutive session following improvements in winter and spring wheat crop conditions, as reported in the latest USDA Crop Progress report,” said the Grain Market Insider newsletter by Stewart-Peterson Inc. “Adding to the bearish tone was an overnight statement from Russia’s Deputy Prime Minister, projecting this year’s Russian grain harvest at 135 million metric tons — a 7% increase from last year.”

Concerning soybeans, the newsletter said: “Soybeans ended the day in positive territory, though well off their session highs. Beneficial weather continues to provide resistance, while optimism over potential trade deals is offering support. Reports indicate that U.S.–China trade talks went well yesterday, but no official agreement has been announced.”

The newsletter also noted that despite an increase in corn’s good/excellent rating in yesterday’s Crop Progress report, corn prices “rebounded off session lows” to end the day higher. This could “signal the beginning of position-squaring” prior to the June World Agricultural Supply and Demand Estimates (WASDE) report expected Thursday, June 12.

August live cattle ended the day down $1.05 at $218.20 per hundredweight (cwt). August feeder cattle closed up $1.50 at $313.15 per cwt. August lean hogs were down 30¢ at $109.80 per cwt.

As of 3:48 p.m. CT, July crude oil was down 56¢ at $64.73 per barrel.

June S&P 500 futures were up 31 points. June Dow futures were up 93 points.

Published: 4:06 p.m. CT

Corn and Soy Higher This Morning: 10:05 a.m. CT

Ahead of 9:40 a.m. CT, July corn was up 3¼¢ at $4.36¾ per bushel.

July soybeans were up 6¾¢ at $10.62¾ per bushel.

July wheat contracts were lower. CBOT wheat was down 7¢ at $5.35 per bushel. KC wheat was down 8¾¢ at $5.28¾. Minneapolis wheat was down 12¾¢ at $6.09¾.

“U.S. Commerce Secretary Howard Lutnick stated that the trade talks with China ‘are going well, and we’re spending lots of time together,’” said Arlan Suderman, chief commodities economist at StoneX. “Note the comment about ‘spending lots of time together.’ Relationship and respect are critical to negotiations in the Chinese culture…. Both Lutnick and President Trump are repeatedly stating that negotiating with China ‘is not easy.’ That’s the respect side of the equation. Chinese [President] Xi Jinping must maintain an image back home that he is standing up to ‘the bully’ image that state media has painted of President Trump in China so that he doesn’t look weak at home. Trump seems to recognize that, and he is allowing him to maintain that message for the benefit of getting something done in the talks. China found an issue that gives it leverage — its rare earth minerals that the rest of the world needs to build electronics. However, China needs access to U.S. technology used to build advanced semiconductors.”

Ahead of 9:40 a.m. CT, August live cattle were down 78¢ at $218.48 per hundredweight (cwt). August feeder cattle were up 88¢ at $312.53 per cwt. August lean hogs were up 23¢ at $110.33 per cwt.

“Last week’s cash cattle market exploded higher to new record highs, with the average cash price above $231 per cwt in Kansas, and at nearly $242 per cwt in Nebraska,” Suderman said. “The harvest pace has also picked up … suggesting that packers have advanced orders for the peak barbecue season that includes Father’s Day and the Fourth of July that they need to fill. The question then is, will there be sufficient demand to sustain these price levels, despite low inventories, once we get past peak barbecue season? This has been an historic ride indeed.”

July crude oil was up 71¢ at $66 per barrel.

The U.S. Dollar Index June contract was up to 98.94.

June S&P 500 futures were up 16 points. June Dow futures were up 28 points.

Published: 10:05 a.m. CT