Grains starting day in the red. Tuesday, July 30, 2024

December corn is down 5¢ this morning.

November soybeans are down 18½¢.

All three September wheat contracts are in the red. CBOT what is down 4¼¢. KC wheat is down 9¼¢. Minneapolis wheat is down 8¼¢. Al Kluis, managing director of Kluis Commodity Advisors, says he is keeping an eye on the wheat market.

“Wheat made new contract lows on Monday and then closed higher, creating a hook reversal higher,” he says. “If wheat can stabilize and turn higher, then it will help the corn market.”

Yesterday afternoon USDA released the weekly Crop Progress report, which included crop condition ratings for corn, soybeans, and spring wheat among others. Kluis notes that this time of year corn and soybean condition ratings typically move lower but “with the cool mild weather this week and the heat ridge staying out west, conditions are staying well above the 5-year average.”

Near the end of the overnight trading session The Brock Report discussed the impact of yesterday’s report on prices:

“Grain and soybean futures have come under renewed pressure from strong U.S. crop prospects in the wake of Monday afternoon’s USDA Crop Progress report which contained nothing to erode those prospects,” The Brock Report says. “Favorable Midwest weather forecasts, a strong dollar and crude oil market weakness have also helped pressure corn and soybean futures. Wheat futures have slid further despite a lower-than-expected spring wheat crop rating.”

October live cattle are up 28¢ this morning. September feeder cattle are up 70¢. October lean hogs are up 20¢.

September crude oil is down 75¢.

The U.S. Dollar Index September contract is up to 104.50.

September S&P 500 futures are up 11 points. September Dow futures are up 167 points.

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