Corn and wheat making gains this morning. Tuesday, June 11, 2024

July corn is up 1½¢ this morning.

July soybeans are up 2¢.

CBOT wheat is up 16¼¢. KC wheat is up 7¾¢. Minneapolis wheat is up 4¾¢.

This morning USDA announced China is buying 104,000 metric tons of soybeans for the 2023/2024 marketing year.

While discussing this week’s Crop Progress report, Arlan Suderman, chief commodities economist for StoneX said “Yes, a small portion of both crops remain unplanted, but prevent-plant acres are expected to be near ‘normal‘ levels. Ponding in excessively wet areas will take their toll, but the crops outside of these areas look quite good. As such, the market will focus on the growing season ahead.

“Heat is expected to build across the Midwest in the weeks ahead, establishing a summer weather pattern that will likely include a high-pressure building somewhere. Forecasts vary widely on where that high-pressure will get established. The location where that occurs will significantly impact the summer weather pattern – be it favorable or unfavorable for the Midwest Corn Belt. … We should know a lot about the pattern that we will be dealing with for the remainder of the growing season by the end of this month.”

Tomorrow USDA is expected to release the June World Agricultural Supply and Demand Estimates (WASDE) report.

“Watch the South American numbers as other exchanges/private estimates have been running well below the last USDA numbers,” says Phyllis Nystrom, commodity broker with CHS Hedging.

 Live cattle are down 65¢ this morning. Feeder cattle are down 88¢. Lean hogs are up 70¢.

Crude oil is down 38¢.

The U.S. Dollar Index September contract is up to 105.02.

S&P 500 futures are down 21 points. Dow futures are down 280 points.

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