Grains starting the day mixed. Tuesday, June 4, 2024
July corn is up 1¼¢ this morning.
July soybeans are up less than a penny.
CBOT wheat is down 10¼¢. KC wheat is down 6½¢. Minneapolis wheat is down 6¾¢.
“The corn and soybean markets were under pressure right from the start on Monday, while wheat prices traded higher most of the morning before sinking into the close,” says Al Kluis, managing director of Kluis Commodity Advisors. “The USDA Crop Progress report Monday showed the U.S. corn crop rated 75% good-to-excellent, which was above pre-report trade estimates.
“Grain prices will struggle because of the hard drop in crude oil and energy prices.
“I am watching the Export Sales report. Will the recent sell-off bring in another round of buying? China still has not purchased any new crop soybeans.”
The weekly Export Sales report is released on Thursday mornings.
Livestock are also mixed this morning. Live cattle are up 13¢. Feeder cattle are up 33¢. Lean hogs are down $1.65.
Crude oil is down $1.08.
S&P 500 futures are down 10 points. Dow futures are up 67 points.
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