Grains start day in the red. Thursday, June 20, 2024

July corn is down 5½¢ this morning.

July soybeans are down 2¢.

All three July wheat contracts are down. CBOT wheat is down 10½¢. KC wheat is down 10¢. Minneapolis wheat is down 11¾¢.

“Grain markets are lower this morning due to recent rain across the Midwest aiding trader perception that rain makes grain,“ says Naomi Blohm, senior market adviser for Total Farm Marketing.

She notes the July forecast released today from the National Oceanic and Atmospheric Administration is likely helping support corn and beans today. Temperatures are either “leaning” or “likely” to be above normal for most of the country. Precipitation in most of the Corn Belt is “leaning” or “likely” below normal.

“Today is the official start of summer, the summer solstice,” says Al Kluis, managing director of Kluis Commodity Advisors. “Timing is strong around this time every year for a standout in prices. Looking at the charts, it appears a low could be the extreme for now. … In the coming days, traders will be watching the bull spreads for signs that futures have put in a key low.”

August live cattle are up 80¢. August feeder cattle are up 78¢. July lean hogs are down $1.45.

August crude oil is up 62¢.

The U.S. Dollar Index September contract is up to 105.05.

September S&P 500 futures are up 6 points. September Dow futures are up 90 points.

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