Corn starts day down 5¢. Wednesday, July 26, 2023
December corn is currently down 5¢ while November soybeans are up 1/4 of a penny.
CBOT wheat is down 21¢. KC wheat is down 26¢. Minneapolis wheat is down 19¢.
“It seems as though the market is slowly losing the support it received from the end of the Black Sea Grain Deal as we look towards the weather forecast ahead,” says Jeremy McCann, account manager at Farmer’s Keeper. “The weather models have shifted wetter over the next 10 days and temperatures should return to more moderate levels next week. That will be the story to watch barring any more big stories coming out of the Black Sea region.”
USDA announced two export sales of soybeans to unknown destinations this morning, totally over 500,000 metric tons.
October livestock are mixed again today. Live cattle re up 30¢. Lean hogs are down $2.05. Feeder cattle are up 68¢.
Crude oil is down 40¢.
S&P 500 futures are down 8 points. Dow futures are down 21 points.
Arlan Suderman says the trade is expecting the U.S. Federal Reserve to raise interest rates today by a quarter of a percent.
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