Corn closes down 8¢. Wednesday, May 8, 2024

July corn closed down 8½¢ today.

July soybeans are down 18¾¢.

CBOT wheat is down 8¾¢. KC wheat is down 15½¢. Minneapolis wheat is down 16¼¢.

“Futures were pressured through much of today’s session from a lack of buying interest in most markets,” says Karl Setzer, partner at Consus Ag Consulting. “Corn, soybeans, and wheat have been taking nearly all their support from short covering, and without this, there is not enough fundamental news to push the market higher.

“The main bullish story in the market right now is the U.S. corn planting pace, and while slowed, still has adequate time to be seeded. The fact the crop will not get planted early is more of a given, but how much this will impact final yield is a highly debated topic.

“Wheat took additional pressure from the Oklahoma crop estimate coming in 20 million bushels larger than a year ago. Futures were approaching overbought on the charts and this capped fresh buying interest in all markets, as did mixed economic outlook data. The U.S. dollar firmed today and while U.S. commodities are becoming competitive in the global market, currency exchanges are working against us.”

Live cattle are down $1.15. Feeder cattle are down $2.03. Lean hogs are up 40¢.

Crude oil is up 75¢.

S&P 500 futures are down a point. Dow futures are up 155 points.

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