.JPG)
Corn closed up 10¢. Corn has closed higher every day this week so far.
Soybeans closed up 2¢.
CBOT wheat closed down 17¢. KC wheat is down 30¢. Minneapolis wheat is down 22¢.
According to The Brock Report midday newsletter, Midwest weather is having a “mixed influence” on prices. The Brock Report says the sunny, dry weather expected over the next two weeks will help with wrapping up planting, but also add to the increasing dryness felt in parts of the Corn Belt.
Grain Market Insider says traders are paying attention to the debt ceiling debate in Washington D.C. right now and it may impact commodities in several ways.
The debate alone could negatively impact commodities if traders pull money from the markets in anticipation of a downturn in broader outside markets, says Grain Market Insider. Furthermore, the newsletter says in the event of a market downturn the commodity sector could see less demand and lower prices.
Concerning how the debate may shake out, Grain Market Insider says “If the debate is resolved, the broader market would see this event as friendly, and prices would have less downward pressure and may rise.
“If the debate is not resolved, it would be seen as negative with downward pressure remaining.
“If a default were to occur, higher interest rates would be required by lenders to the U.S., thus pushing interest rates higher overall and this too would be negative to commodities.”
Live cattle are up $1.70. Lean hogs are down 13¢. Feeder cattle are up $1.08.
Crude oil is up 99¢.
S&P 500 futures are down 37 points. Dow futures are down 295 points.
Soybeans up 2¢ at midday: 11:47 a.m. CDT
Corn is currently up 9¢ while soybeans are up 2¢.
CBOT wheat is down 16¢. KC wheat is down 27¢. Minneapolis wheat is down 18¢.
The Grain Market Insider newsletter by Stewart-Peterson Inc. says corn is currently on track to close higher for the third day in a row.
“There has been no real bullish fundamental news, so the rally seems technical and seasonal,” says the newsletter.
Live cattle are up $1.73. Lean hogs are down 25¢. Feeder cattle are up $1.08.
Crude oil is up 93¢.
The U.S. Dollar Index June contract is at 103.81.
S&P 500 futures are down 42 points. Dow futures are down 311 points.
Corn and soy in the green: 9:06 a.m. CDT
Corn is currently up 3¢.
Soybeans got beat up yesterday but are up 5¢ this morning.
CBOT wheat is down 8¢. KC wheat is down 14¢. Minneapolis wheat is down 8¢.
Ami Heesch, commodities broker with CHS Hedging, says China is currently harvesting wheat and a bumper crop is expected. She says the strong wheat harvest is reducing China’s need for U.S. and Brazilian corn.
Live cattle are down 63¢. Lean hogs are down 13¢. Feeder cattle are down $1.18.
Crude oil is up $1.44.
S&P 500 futures are down 33 points. Dow futures are down 226 points.
Outside of the U.S., milling wheat is down on the European MATIF trade. Corn is up on the Chinese Dalian trade along with No. 2 soybeans. No. 1 soybeans are down.
