Wheat Ends the Day Strong

December corn ended the day up 5¼¢ at $4.44 per bushel.

November soybeans closed up less than a penny at $10.68¼ per bushel.

September wheat contracts ended the day higher. CBOT wheat was up 25¢ at $5.90½ per bushel. KC wheat was up 24¢ at $5.86½. Minneapolis wheat was up 17¼¢ at $6.61½.

“Wheat took support from elevated global trade flow and building weather concerns,” said Karl Setzer, partner at Consus Ag Consulting. “The U.S. winter wheat harvest has been slowed by rains and there are now concerns over quality on the mature crop. There are also increasing pockets of drought on the world wheat crop, including the Black Sea. Technical short covering supported not just wheat, but all commodities.”

Today was the last day of the Federal Reserve’s June Federal Open Market Committee (FOMC) meeting. Setzer said it was “not surprising” the FOMC held the target range for the federal funds rate — which influences interest rates throughout the economy — at 4.25%-4.5%.

August livestock closed higher. Live cattle ended the day up $1.03 at $211.68 per hundredweight (cwt). Feeder cattle closed up 83¢ at $304.18 per cwt. Lean hogs were up 20¢ at $112 per cwt.

Published: 3:20 p.m. CT

Note: Grain and livestock markets are closed Thursday for the Juneteenth holiday. 

Corn Up 4¢: 9:43 a.m. CT

Shortly past 9:10 a.m. CT, December corn was up 4¢ at $4.42¾ per bushel.

November soybeans were up 3¼¢ at $10.71 per bushel.

September wheat contracts were higher. CBOT wheat was up 14¾¢ at $5.80¼ per bushel. KC wheat was up 12¢ at $5.74½. Minneapolis wheat was up 10¼¢ at $6.54½.

“I’m keeping an eye on the U.S. dollar,” said Cole Raisbeck, commodities broker at Kluis Commodity Advisors. “Commodities performed well yesterday, even as the dollar moved sharply higher. The strength in the dollar came as tensions rose between Israel and Iran, with safe-haven buying providing support. If the U.S. gets involved, we could see increased volatility in both the dollar and commodity markets.”

The FOMC is expected to wrap up its June meeting today. “The uncertainty of the Iran-Israel conflict, and the uncertainty of the tariff war, are fully expected to keep the Federal Reserve on the sideline later today when it releases its updated monetary policy statement,” said Arlan Suderman, chief commodities economist at StoneX, adding “no significant changes” are expected.

As of 9:12 a.m. CT, August livestock were mixed. Live cattle were up 30¢ at $210.95 per hundredweight (cwt). Feeder cattle were down 65¢ at $302.70 per cwt. Lean hogs were up 53¢ at $112.33 per cwt.

August crude oil was down 60¢ at $72.67 per barrel.

The U.S. Dollar Index September contract was down to 98.20.

September S&P 500 futures were up 21 points. September Dow futures were up 125 points.

Published: 9:43 a.m. CT