Grains higher this morning. Friday, July 5, 2024
December corn is up 5¢ this morning.
November soybeans are up 1¼¢.
September wheat contracts are also making gains. CBOT wheat is up 14¢. KC wheat is up 14¢. Minneapolis wheat is up 8¾¢.
“A weaker U.S. dollar following a monthly jobs report that bolstered expectations for a [U.S. Federal Reserve] rate cut is a supportive factor for the complex,” says The Brock Report. “Generally favorable Midwest weather, however, is a negative market factor, along with lackluster weekly export sales for corn and soybeans. … Today’s grain and livestock markets will trade normal hours, but volume is likely to be low with many traders on a four-day holiday weekend.”
USDA released the weekly Export Sales report this morning.
“Weekly export sales this morning look to be a little negative for corn and soybean prices, but supportive for wheat, cotton and rice,” says The Brock Report. “For corn, USDA reported net old crop sales of 357,200 metric tons, shy of trade guesses that ranged from 500,000 to 900,000. Sales for 2024/2025 were 311,500 metric tons, compared to trade guesses of zero to 400,000.
“Soybean net export sales were just 228,400 metric tons for old crop, at the low end of trade guesses ranging from 200,000 to 600,000, while new crop net sales of 150,300 metric tons were at the high end of trade guesses.
“Wheat net export sales were impressive at 805,300 metric tons, topping trade guesses of 350,000 to 700,000.”
August live cattle are up 48¢. August feeder cattle are down 3¢. August lean hogs are up 8¢.
August crude oil is down 5¢.
The U.S. Dollar Index September contract is down to 104.77.
September S&P 500 futures are up 3 points. September Dow futures are down 100 points.
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon