Corn down 5¢ to start the week. Monday, June 3, 2024

July corn is down 5¢ this morning.

July soybeans are down 9¢.

CBOT wheat is down 1½¢. KC wheat is down less than a penny. Minneapolis wheat is down 2¼¢.

“The weekend weather was even wetter than expected,” says Al Kluis, managing director of Kluis Commodity Advisors. “As a result, the last 5% to 10% of the corn and soybean planting will be delayed until the second week of June. This will add another 1 to 2 million acres to the prevent plant column.”

Today at 3 p.m. CT, USDA is expected to release the weekly Crop Progress report. Kluis says, ”I am watching the first crop conditions report for 2024 for corn, soybeans, and spring wheat in the Crop Progress report this afternoon. The trade is expecting 70% to 72% good-to-excellent ratings. It’s early in the season, but these scores would suggest trend line or better yields are possible at this time.”

Earlier this morning USDA announced Spain is buying 110,000 metric tons of corn for the 2023/2024 marketing year.

Concerning livestock, live cattle are currently down 23¢. Feeder cattle are down 20¢. Lean hogs are up 3¢.

Crude oil is down $1.68.

S&P 500 futures are up 2 points. Dow futures are down 85 points.

Tags: feeder cattle, lean hogs, corn, soybeans, wheat, futures, live cattle