Corn down 2¢ this morning. Wednesday, June 5, 2024
July corn is down 2¾¢ this morning.
July soybeans are down 1½¢.
CBOT wheat is down 10½¢. KC wheat is down 9½¢. Minneapolis wheat is down 7¾¢.
“The amount of prevent plant may be larger than expected, especially for soybeans,” says Al Kluis, managing director for Kluis Commodity Advisors. “The wet conditions in western Minnesota, northwest Iowa, and the Dakotas has many farmers meeting with their lenders and crop insurance agents to decide what is the least worst alternative.
“I am watching the bull spreads start to work in corn, even as prices have been trending lower. Now a close in July corn above the two previous days’ high will confirm a short-term low.”
Live cattle are up 33¢ this morning. Feeder cattle are down 18¢. Lean hogs are down $1.40.
Crude oil is up 30¢.
S&P 500 futures are up 10 points. Dow futures are down 131 points.
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