Corn up more than 4%. Wednesday, July 19, 2023
December corn is currently up 22¢, more than 4%.
November soybeans are up 26¢.
CBOT wheat is up 35¢. KC wheat is up 22¢. Minneapolis wheat is up 11¢.
“Grains are rallying based on increasing tensions between Ukraine, the United States, and Russia and a hot and dry forecast for much of the corn belt over the next 10 days,” says Jeremy McCann, account manager at Farmer’s Keeper.
“I’m hearing producers from the majority of the grain belt claim that the crop is looking good, but it’s certainly not made by any means. A long hot and dry spell can worsen yields on top of the damage that has already occurred. If this continues in addition to the uncertainty overseas we will likely see this rally continue.”
Live cattle are down 33¢. Lean hogs are up 45¢. Feeder cattle are down $1.60.
Crude oil is up $1.07.
S&P 500 futures are up 15 points. Dow futures are up 142 points.
Outside of the U.S., milling wheat is up on the European MATIF exchange. Corn and soybeans are down on the Dalian exchange.
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