Corn up 20¢. Monday, July 24, 2023

December corn is currently up 20¢.

November soybeans are up 5¢.

CBOT wheat is up 49¢. KC wheat is up 42¢. Minneapolis wheat is up 36¢.

“Grain markets trade higher this morning after fighting continues escalating in Ukraine, with Reuters reporting that Russia attacked port infrastructure on the Danube River for the first time,” says Nick Paumen, commodity broker with CHS Hedging. “It is also being reported that a grain depot in Odesa has been destroyed.”

He adds corn prices are also up this morning on the weather forecast, as most of the Corn Belt is expecting hot temperatures this week. He says as long as the forecast remains hot and dry and Russia continues to target grain locations and infrastructure, strength should remain in the corn market. Soybeans will “feed off the strength in its products” and wheat futures will continue higher with the uncertainty around Ukraine exports, he says.

October livestock are in the red this morning. Live cattle are down $1.05. Lean hogs are down 5¢. Feeder cattle are down $2.28.

Crude oil is up $1.19.

S&P 500 futures are up 9 points. Dow futures are up 120 points.

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