Grains in the red this morning. Tuesday, June 25, 2024

July corn is down 8¼¢ this morning.

July soybeans are down 7½¢.

All three July wheat contracts are down: CBOT wheat is down 8¾¢. KC wheat is down 6¼¢. Minneapolis wheat is down 3¼¢.

“U.S. corn and soybean crop ratings dropped by three percentage points this week and will likely move two to four percentage points lower next week,” says Al Kluis, managing director of Kluis Commodity Advisors, referring to the crop ratings in yesterday’s USDA Crop Progress report. “Most of the decline will be in the northern and western Corn Belt, which is forecast to get another 1 to 3 inches of rain over the weekend.

“I am watching the reports of massive flooding in eastern South Dakota, northwest Iowa, and southern Minnesota. Whatever the USDA projects for corn planted and harvested acres in the Friday Acreage report, expect harvested acres to move lower by August.”

The annual Acreage report is expected to be released by USDA at 11 a.m. CT on Friday, June 28. The quarterly USDA Grain Stocks report is also expected at the same time.

This morning the USDA announced Mexico is buying 209,931 metric tons of corn — 22,098 tons for the 2023/2024 marketing year and 187,833 for the 2024/2025 marketing year.

August live cattle are down 8¢. August feeder cattle are up $1.33. July lean hogs are up 23¢.

August crude oil is down 52¢.

The U.S. Dollar Index September contract is up to 105.32.

September S&P 500 futures are up 6 points. September Dow futures are down 47 points.

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