Corn up 2¢ as trading day gets going. Wednesday, July 24, 2024

December corn is up 2¼¢ this morning.

November soybeans are down 4¾¢.

September wheat contracts are mixed. CBOT wheat is up 4¢. KC wheat is up less than a penny. Minneapolis wheat is down 1¾¢.

“Most pundits on the wire services are describing recent strength as ‘purely technical’ and little more than ‘bear market rallies’ and frankly, we can’t make much of a case for any sustainable strength either,” says the Commstock Report. “We’ve still got a slug of farmer-owned old crop that needs to be sold to make room for new crop and have seen some basis slippage beginning for that very reason.”

Bob Linneman, commodities broker at Kluis Commodity Advisors, says: “Traders have added risk premium back to the grain market, since weather for last week of July and the first week of August look to be less than ideal. However, the crop ratings remain impressive. The pace of planting this spring was behind normal, making this late-July heat even more important to watch.”

October live cattle are unchanged this morning. August feeder cattle are down 58¢. October lean hogs are up 3¢.

September crude oil is up 50¢.

The U.S. Dollar Index September contract is down to 103.94.

September S&P 500 futures and September Dow futures are down, 73 points and 340 points, respectively.

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