Soybeans give most of the 39 cents gained June 2 back June 3. Friday, June 3, 2022

Soybeans gained 39 cents on Thursday and gave most of it back today. Corn and wheat prices have been under pressure all week, and closed lower again today. Slow exports continue to hurt the corn market. Wheat was down on poor exports and harvest pressure. The wheat harvest is moving north into Oklahoma, and they are finding better yields than expected.

July corn closed 3 cents lower today at $7.27. December corn closed down 4 cents at $6.90. July soybean futures closed down 31 cents at $16.98, while the November contract closed 15 cents lower. Wheat futures closed higher with CBOT wheat closing 8 to 31 cents lower.

For the week, July corn closed down 50 cents. Soybeans closed 34 cents lower. Wheat closed down $1.17 on the CBOT, $1.14 lower on KC, and down $1.13 on Minneapolis.

Here are three key areas we’ll be watching next week:

1. the weekend weather and the extended weather forecasts,
2. the USDA Crop Progress report on Monday, and
3. the USDA Supply/Demand report on Friday and the market reaction.

The U.S. dollar is trading higher. Crude oil is up over $3.00 per barrel. The stock market moved lower with the Dow down 355 points at this hour.

In the livestock markets, June Hogs closed up 15 cents at $110.20. June Cattle closed down 2 cents at $133.60, and August Feeders closed up 92 cents at $173.87.

The corn futures market is mixed. The wheat market continues lower, and soybean prices have turned lower.

Corn and soybean exports were disappointing and the trade is looking at non-threatening weather into mid-June. The USDA announced a corn sale of 101,000 metric tons to an unknown destination this morning.

At this hour, July corn has had a 10-cent trading range and is currently up 1 cent. December corn is down ½ cent. July soybeans have had a 30-cent trading range and are currently down 25 cents. November soybeans are down 15 cents. Wheat futures are lower, with CBOT wheat down 13 cents. KC wheat is down 18 cents, and Minneapolis wheat is 6 cents lower.

The trade will watch the USDA’s June 6 Crop Progress Report for its initial corn rating. I think the rating in Monday’s report will come in at about 70% good to excellent. This would be down 6% from last year but would be higher than 2019 when planting was delayed and the first report came in at 59% good to excellent. The problems in the northwestern Corn Belt have been well documented, but what does not get much publicity is the corn crop in Iowa, Illinois, and Nebraska, which may have record yield potential.

In the outside markets crude oil is now up $1.70 per barrel. The U.S. stock market is getting hit hard after yesterday’s move up. The U.S. dollar is up 0.32 points.

The grain markets are all lower today after starting out higher in the overnight trade. Funds continue to sell.

At this time July corn is down 1 ½ cents, December corn is down 3 cents. July soybeans down 14 cents. November soybeans are down 11 cents. Winter wheat futures are down 11 to 16 cents, while Minneapolis wheat is up 1 cent.

The weekly export sales report was disappointing again for corn at just 233,000 metric tons combining old and new crop. Soybeans were also less than expected at 395,000 metric tons. Wheat was in line with trade projections at 363,500 metric tons.

I think the USDA will be forced to drop corn exports in the supply/demand reports next Friday. That, plus favorable, non-threatening weather, will keep corn under pressure.

Livestock markets are called higher in the early trade.

In the outside markets crude oil is up 40 cents per barrel. The U.S. stock market is lower after a positive jobs report. The U.S. dollar index is up 0.29 points.

Tags: futures, exports, Market, harvest, feeders, corn, prices, животноводство, soybeans, hogs, wheat, yields, cattle