Corn flat while soybeans down slightly. Thursday, July 27, 2023

December corn is flat while November soybeans are down ¼ of a penny.

CBOT wheat is down 4¢. KC wheat is up 9¢. Minneapolis wheat is up 8¢.

This morning USDA announced the sale of 256,000 metric tons of soybeans to unknown destinations for the 2023/2024 marketing year. This is the third soybean sale to unknown destinations announced in two days.

Arlan Suderman, chief commodities economist for StoneX, says Russia attacked Ukraine’s Odessa port again overnight.

“Russia is expected to continue its strikes on Ukraine infrastructure, preventing it from exporting longer-term while painting itself as the good guy who provides food to the world,” he says. “At least five ships and 26 objects of port infrastructure have been damaged the past nine days. Russia is also blocking movement of ships toward Ukraine.”

Suderman also says hot and dry weather are going to continue to stress crops for another week.

“The models continue to suggest that we will see a pattern shift in week No. 2 that shifts the Midwest milder and wetter, which is expected to be the pattern for much of August when corn fills and soybeans set pods,” he says. “August overall is currently expected to be favorable for crops, leaving us again determining the scope of damage done by both the June and late July stress periods.”

Crude oil is up $1.18.

S&P 500 futures are up 27 points. Dow futures are up 38 points.

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