Chicago wheat down 16¢. Monday, June 10, 2024

July corn is up 2¼¢ this morning.

July soybeans are up 4¼¢.

CBOT wheat is down 16¼¢. KC wheat is down 19¢. Minneapolis wheat is down 13¾¢.

“Wheat prices continued to lose ground overnight as the Southern Plains harvest gains momentum,” says Arlan Suderman, chief commodities economist with StoneX. “Yields in Oklahoma have generally impressed, coming in better than expected, albeit with lower than hoped protein content. The harvest should gain momentum in southern Kansas in the days ahead, quickly spreading across the wheat state, adding cash sales onto the market. Additional pressure comes from a modest shift in the forecast that allows showers to provide relief for some parched portions of southern Russia and eastern Ukraine, benefiting both corn and wheat ground. The showers should erode areas under stress to one-third of Russia’s wheat belt, down from better than 50% currently.

“The market also continues to digest the impact of Turkey’s decision to close its door to wheat imports from June 21 through at least Oct. 15. Turkey was expected to import 8.5 million metric tons of wheat this year, with roughly two-thirds of that coming from Russia and much of the remainder coming from Ukraine.”

This afternoon USDA is expected to release the weekly Crop Progress report.

“U.S. crop conditions will remain high this week with corn good-to-excellent again at about 75%,” says Al Kluis, managing director of Kluis Commodity Advisors. “The initial soybean rating from USDA today should be about 70% to 83% good-to-excellent. The initial surge of warm dry temps will be beneficial — as long as it does not stay in place too long.”

Live cattle are up $2.35 this morning. Feeder cattle are up $2.38. Lean hogs are down 5¢.

Crude oil is up 73¢.

The U.S. Dollar Index September contract is up to 104.96.

S&P 500 futures are down 8 points. Dow futures are up 31 points.

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