Grains trading choppy and mixed this morning. Friday, May 24, 2024

Grain trade has been choppy this morning and multiple contracts have seen both sides of unchanged.

July corn is currently down 1¼¢.

July soybeans are up 2¾¢.

CBOT wheat is currently down 1½¢. KC wheat is up 4¼¢. Minneapolis wheat is up 4¢.

“Southern Brazil is expected to finally see relief from heavy rains after the next day or two so that a better assessment of soybean losses can be made,” says Arlan Suderman, chief commodities economist for StoneX. “In the Black Sea Region, Commodity Weather Group expects dryness stress to spread across Ukraine over the coming couple of weeks, while stress continues for 50% of Russia’s wheat belt. June is the critical month for these areas.

“The U.S. Midwest should see another brief window of opportunity for planting after the weekend, extending at least until late next week. We should start to see the first condition ratings for the U.S. corn crop over the next couple of weeks.”

Live cattle are up 8¢ this morning. Feeder cattle are down $1.45. Lean hogs are up 3¢.

July crude oil is up 63¢.

The U.S. Dollar Index June contract is down to 104.66.

S&P 500 futures are up 21 points. Dow futures are up 48 points.

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