Soybeans down 20¢. Monday, July 15, 2024

December corn is down 4¼¢ this morning.

November soybeans are down 20½¢.

September wheat contracts are also lower. CBOT wheat is down 17¢. KC wheat is down 12¼¢. Minneapolis wheat is down 13½¢.

This afternoon at 3 p.m. CT, the USDA is expected to release the weekly Crop Progress report.

“Satellite data shows a lot of problems developing with the crop in Minnesota, northwestern Iowa, and southeastern South Dakota, where heavy rains created significant flooding and ponding problems last month,” says Arlan Suderman, chief commodities economist for StoneX.

“However, conditions in the rest of the Midwest are thus far compensating for the problems in the northwestern Midwest amid expectations that we’ll see that trend continue with this afternoon’s ratings as well. Temperatures remain quite seasonal across the bulk of the Midwest over the next two weeks as the bulk of the crop goes through pollination. A few pockets of rainfall deficits remain, which will need to be monitored, but the bulk of the crop looks good.”

Al Kluis, managing director of Kluis Commodity Advisors, says “U.S. corn and soybean crop ratings are likely to rise this week. Last week was good for the crops. Rain in the eastern Corn Belt and drier conditions in the western Corn Belt is a positive combination for the corn and soybean crops.”

August live cattle are down 28¢ this morning. August feeder cattle are down 15¢. August lean hogs are up 85¢.

August crude oil is down 54¢.

The U.S. Dollar Index September contract is down to 103.76.

September S&P 500 futures are up 30 points. September Dow futures are up 210 points.

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