Corn in the green this morning. Tuesday, July 9, 2024

December corn is up a penny this morning.

November soybeans are down 10¾¢.

September wheat contracts are in the green. CBOT wheat is up 2¾¢. KC wheat is up 3¼¢. Minneapolis wheat is up 1¼¢.

“The remnants of Hurricane Beryl are currently tracking into the southern Midwest amid expectations that they will bring much-needed moisture to portions of Missouri, Illinois, Indiana and Ohio over the next couple of days.” says Arlan Suderman, chief commodities economist for StoneX. “That moisture is expected to boost corn and soybean yield potential in the region, which could make up for losses from the June flooding in the northwest Midwest.

“National crop ratings are not perfect, but they’re the best thing that we have to take the emotions out of assessing crops, and they’re the envy of the world for doing that job. The crop ratings don’t account for changes in harvested area, but they do a pretty good job historically of telling us what the yield potential is for those acres that will be harvested. Both the corn and soybean crop ratings currently remain above historical averages, suggesting that trend or higher national average yields are still possible. Based on current demand projections, that would suggest new-crop corn ending stocks north of 2.2 billion bushels, with new-crop soybean ending stocks continuing to have a ‘4’ handle. That explains their current price weakness.”

USDA is expected to release the July World Agricultural Supply and Demand Estimates (WASDE) report this Friday.

August live cattle are up $1.25. August feeder cattle are up $1.08. August lean hogs are up 33¢.

August crude oil is down 16¢.

“Oil futures are lower on expectations of limited damage to energy infrastructure from Hurricane Beryl, which caused flooding, several deaths and knocked out power to several million users in the Houston area,” says Naomi Blohm, senior market adviser with Total Farm Marketing. ”The impact on offshore production is also expected to be minimal although several companies evacuated platforms before the storm. The market is likely to turn its focus back to the demand outlook, with monthly updates this week from OPEC and the International Energy Agency. The [Energy Information Agency’s] (EIA) short-term energy outlook is due today.”

The U.S. Dollar Index September contract is up to 104.80.

September S&P 500 futures are up 7 points. September Dow futures are down 144 points.

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