July corn is down 10¢ while soybeans are down 13¢.
CBOT wheat is down 9¢. KC wheat is down 19¢. Minneapolis wheat is down 8¢.
The Brock Report says grain and soybeans are under pressure from demand concerns, easing worries about Ukraine’s grain exports, and technically-driven selling. The report adds wheat futures are also under pressure from forecasts for needed rain in the U.S. hard red winter wheat belt.
USDA released the weekly Export Sales report this morning. Corn and soybeans both fell short of expectations, which The Brock Report says is also pressuring futures.
Net corn sales were pegged at 312,400 metric tons for 2022/2023, down 41% from the previous week and 79% from the prior 4-week average. Net soybean sales were reported at 100,100 metric tons for 2022/2023, down 73% from the previous week and 58% from the prior 4-week average. Finally, net wheat sales were pegged at 259,000 metric tons for 2022/2023, up 91% from the previous week and 93% from the prior 4-week average.
Live cattle are up 20¢. Lean hogs are down $1.38. Feeder cattle are up 90¢.
Crude oil is down $1.60.
S&P 500 futures are down 26 points. Dow futures are down 177 points.