Grain markets still down at close. Monday August 1, 2022

Аt the end of the trading day, September corn came in down 8¢ and December corn is down 9¢. August soybean futures are down 42¢ while November soybeans are down 60¢.

Wheat futures also remain lower, with CBOT wheat down 8¢, KC wheat down 9¢, and Minneapolis wheat down 8¢.

Al Kluis with Kluis Commodities says these low prices combined with the U.S. dollar being down will bring in more buyers.

Cory Bratland with Kluis Commodities says the USDA Crop Progress Report will be key concerning where prices go from here.

“The market is looking for ratings to drop 1% to 2% out of Good/Excellent category,” he said. “If we are stable or higher then [prices] will be lower. If they are what the market is expecting then we will be choppy, and if ratings are 2% to 3% lower then we will be higher tonight.”

Live cattle and feeder cattle prices are both up at the end of the day but lean hogs are down 20¢.

Crude oil finished down $4.68.

At this hour, September corn is down 20¢, and December corn is 21¢ lower. August soybean futures are down 52¢ while November soybeans are down 62¢. Wheat futures are lower, with CBOT wheat down 24¢, KC wheat down 27¢, and Minneapolis wheat down 25¢.

In the livestock market, lean hogs are down 48¢. Feeder cattle are up $1.23, with no change for live cattle.

Watch for the Crop Progress report this afternoon as experts expect corn and soybean conditions to be down. Cory Bratland, Kluis Commodity Advisors, says also keep an eye on U.S.-China relations, which may be heating up and could put pressure on prices.

Crude oil is now down $5.43.

This morning a shipment of Ukraine grain left port for the first time since the Russian invasion. Experts say this has influenced prices downward.

September corn is down 14¢, and December corn is down 16¢. August soybeans are trading 29¢ lower, and November soybeans are down 30¢. Wheat futures are also down 19¢.

Experts say weather will continue to play a role. The forecast this week is for extreme heat, with much of the Midwest under a heat advisory.

The USDA Crop Progress report comes out this afternoon. Experts expect corn and soybean crop condition to be down 1% to 2% and continue downward next week if the hot weather persists.

In the livestock market, live cattle and feeder cattle are both up this morning while lean hogs are down $1.00.

Crude oil is down over $4.00 per barrel, putting pressure on commodities.

Tags: corn, prices, soybean, wheat, futures, Market, live cattle, feeder cattle, lean hogs