Corn up 5¢ as trading day gets started. Thursday, June 13, 2024

July corn is up 5½¢ this morning.

July soybeans are up 9¼¢.

CBOT wheat is up 5½¢. KC wheat is unchanged. Minneapolis wheat is up 4¢.

This morning USDA announced an old crop soybean sale for the third consecutive day this week. Unknown destinations are buying 120,000 metric tons of soybeans for the 2023/2024 marketing year.

USDA also released the weekly Export Sales report.

“Net U.S. corn export sales for the week ended June 6 came in at 44.3 million bushels, in line with trade expectations that ran 31.5 to 59.0 million bushels and down from the previous week’s sales of 51.0 million,” says The Brock Report. “The export total looks neutral for corn prices.

“Net weekly U.S. soybean export sales came in at 14.0 million bushels, in line with trade expectations that ran 8.5 to 25.5 million bushels and up slightly from the previous week’s sales of 9.7 million. The total looks neutral to negative for soybean prices. U.S. soybean export sales for 2023/2024 to date are 15.2% behind a year earlier.

“Net weekly U.S. wheat export sales came in at just 9 million bushels, at the low end of trade expectations that ran 9.0 to 22.0 million bushels and down from the previous week’s net sales of 14.3 million. The number looks negative for wheat prices, although sales for 2024/2025 to date are 22.4% ahead of a year earlier.”

The Brock Report also notes Conab, Brazil’s agricultural agency, adjust production estimates today.

“Conab … this morning raised its forecast for Brazil’s total 2023/2024 corn production to 114.14 million metric tons (mmt) from a May estimate of 111.63 mmt on stronger second-crop corn production,” says The Brock Report. “The Conab estimate is still nearly 8 mmt below USDA’s Brazilian corn crop estimate.

“Conab cut its estimate of Brazil’s 2023/2024 soybean crop slightly to 147.35 mmt from a May estimate of 147.69 mmt. The Conab crop estimate is 5.65 mmt below USDA’s Brazilian crop estimate.”

Live cattle are down 50¢ this morning. Feeder cattle are down $1.40. Lean hogs are up 5¢.

Crude oil is up 17¢.

The U.S. Dollar Index September contract is up to 104.52.

S&P 500 futures are down 2 points. Dow futures are down 220 points.

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