Soybeans up 7¢. Wednesday, July 3, 2024

December corn is down 2¾¢ this morning.

November soybeans are up 7¢.

All three September wheat contracts are down. CBOT wheat is down 3¼¢. KC wheat is down 5¼¢. Minneapolis wheat is down 7¼¢.

USDA announced a new soybean export sale this morning. Unknown destinations are buying 110,100 metric tons of soybeans — 55,100 for the 2023/2024 marketing year and 55,000 for the 2024/2025 marketing year.

“Soybeans continue to be buoyed by a soaring soybean oil market stemming from talk of trade war between Indonesia and China,” said the Commstock Report this morning prior to the 8:30 a.m. CT market open. ”Indonesia is threatening tariffs of 100% to 200% on imports of Chinese manufactured goods to protect its own manufacturing while its primary export to China is palm oil. That leaves China with few retaliatory options besides sanctions on palm oil.”

Concerning corn and wheat, the Commstock Report said, “Corn remains under pressure from a sense that mostly favorable weather elsewhere is more than offsetting the persistent rain and soggy conditions threatening the upper Midwest.

“So far, traders don’t seem concerned about the latest Drought Index Outlook predicting the return of drought conditions over most of the Eastern Corn Belt through September. Rapid harvest of wheat continues to pressure that market. Other factors pressuring wheat are reports of better than expected yields for Russian wheat and recent improvement in Australia’s prospects.”

August live cattle are up 48¢. August feeder cattle are up $1.33. August lean hogs are up 8¢.

August crude oil is up 31¢.

The U.S. Dollar Index September contract is down to 105.03.

September S&P 500 futures are up 3 points. September Dow futures are up 20 points.

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