Corn futures down in morning trading. Thursday, June 22, 2023
Grain futures are backing off this morning after the big rally Tuesday and Wednesday. Weather forecasts will be the likely catalyst for the bulls and the bears over the next two weeks. Key timing of the summer equinox yesterday coincides well with the historical pattern to sell rallies into late June early July.
Corn futures are down 5-6¢. Soybean futures are down 25-35¢, while wheat is quietly higher, after trading both sides of even overnight. Will we see prices rebound today after likely profit taking this morning?
Live Cattle and Feeder Cattle futures are higher this morning after a string of lower days and heavy selling. The big rally in corn over the last week was enough to give the cattle bears the momentum they needed.
Lean hog futures are quietly higher this morning. The July contract is holding ground just above the 100-day average, which hasnt happened since late February.
The dollar index is up 12¢ at 101.81, crude oil is down $2.28 at $70.28 and the stock market is nearly unchanged on the day.
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