Grains on the rise early. July 19, 2024
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The grain markets are all trading higher today with wheat futures in Europe moving sharply higher. The French and German wheat crop is smaller than expected with lower than normal protein levels. The discounts when farmers are selling cash wheat are over $1.00 per bushel — so not much is being sold. The wheat crops in Ukraine and western Russia are getting hit hard this week with temperatures of over 105 degrees being reported again today.
The key to watch today is the wheat market and if September CBOT can close above $5.50. Worth noting also that soybean futures made new lows this week and appear ready to post a Friday to Friday higher close. This would create a weekly hook reversal higher.
At this hour, September corn futures are up 4¢, and December is also 4¢ higher. Soybean futures are 4 to 9¢ higher with August futures the strongest. Wheat futures are 15 to 20¢ higher.
Global Stock Markets: The stock market in China is down 2% while stocks in Japan are down 0.2%. European stocks are down 0.7%.
Outside Markets:The US Dollar Index is up 12 points at 104.31, crude oil is down 60¢ per barrel at $82.20. Gold is down $52 per ounce and the US stock market is down again today with the Dow now 331 points lower today, and down over 1,000 points from the high made last week.
In the livestock markets today, August hogs are up 60¢, August cattle are up 77¢ and November feeder cattle are down $1.07.
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