Soybeans up 5¢. Tuesday, August 1, 2023

December corn is currently down 2¢ while November soybeans are up 5¢.

CBOT wheat is down 8¢. KC wheat is up 3¢. Minneapolis wheat is up 8¢.

Jeremy McCann, account manager with Farmer’s Keeper, says the 2% decline in corn and soybean crop ratings in yesterday’s USDA Crop Progress report is thanks to last week’s hot and dry weather. He says weather models suggest the Grain Belt will likely see “spotty rain” over the next five days.

“The recent soybean sales have struggled to add any support to the market, but as we reach more affordable international prices we may see an increase in sales which will eventually have a positive impact on the market,” he says. “We will continue to monitor current weather patterns and weather forecasts as that is still the main factor driving the market.”

October livestock are in the green this morning. Live cattle are up 40¢. Lean hogs are up 55¢. Feeder cattle are up 45¢.

Crude oil is down 50¢.

S&P 500 futures are down 7 points. Dow futures are up 94 points.

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