Corn up 8¢. Thursday, July 6, 2023
September corn is up 8¢ and December corn is up 6¢.
“Corn is beginning the day higher but is still near its lowest prices of the year after USDA estimated 94.1 million acres planted,” says Grain Market Insider newsletter by Stewart-Peterson Inc.
“Rains are currently falling in southern Kansas and the Oklahoma Panhandle and the rains are expected to move east over the Corn Belt in the next five days. Areas north of the Corn Belt are expected to remain drier, but temperatures will also be lower, giving some relief.”
Al Kluis, managing director of Kluis Commodity Advisors, says recent USDA Crop Progress reports suggest both corn and spring wheat yields will move three to five bushels per acre lower in the July 12 USDA Crop Production report.
August soybeans are down 11¢ this morning. November soybeans are down 12¢.
CBOT wheat is down 19¢. KC wheat is down 4¢. Minneapolis wheat is down 4¢.
Live cattle are down 75¢. Lean hogs are up $2.28. Feeder cattle are down $2.43.
Crude oil is down $1.48.
S&P 500 futures are down 55 points. Dow futures are down 397 points.
Milling wheat is down on the European MATIF trade. Corn and No. 1 soybean are up and No. 2 soybeans are down on the Dalian trade.
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