Expected rain continues to drive prices down. Wednesday, June 28, 2023

Corn is currently down 7¢ while soybeans are down 24¢.

CBOT wheat is down 19¢. KC wheat is down 24¢. Minneapolis wheat is down 22¢.

“Just as weather and drought concern drove this market to rally up, weather and a wet forecast is bringing the market right back down,” says Jeremy McCann, account manager at Farmer’s Keeper. “For the first time in several weeks, the WPC, Euro, and GFS models agree that rain will fall over much of the corn belt, especially in areas of dire need.

“It’s likely that the market will continue to trend down this week as rains continue to fall, but it’s still important to think about how much yield has been lost to this point and if this rain is only a temporary trend.”

This morning USDA announced the sale of 170,706 metric tons (mt) of corn for delivery to Mexico. The agency reported 21,340 mt is for delivery during the 2022/2023 marketing year and 149,366 mt is for delivery during the 2023/2024 marketing year.

Live cattle are up 25¢. Lean hogs are up 15¢. Feeder cattle are up 30¢.

Crude oil is down 9¢.

Outside of the U.S., milling wheat is down on the European MATIF trade. Corn and soybeans are up on the Chinese Dalian trade.

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