Corn down 2¢. Friday, June 14, 2024

July corn is down 2¾¢ Friday morning.

July soybeans are down 4½¢.

July wheat contracts are also in the red. CBOT wheat is down 2¢. KC wheat is down 1¼¢. Minneapolis wheat is down 1½¢.

“… Russian production estimates remain a hot topic, with some suggesting the crop is closer to 75 million metric tons [mmt] than the most recent USDA estimate of 83 mmt,” says Angie Setzer, partner at Consus Ag Consulting. “The 8-mmt [295 million bushels] difference would have major implications on the country’s export outlook, with thoughts that overall exportable supplies could fall by over 10 mmt [367 million bushels] from last year, opening the door for fresh business to be done by other world exporters. However, the prices at which Russian exporters are privately offering supplies are well below public values, and continue to undercut the cash market, keeping buyers on the sidelines.”

August live cattle are up $1.60. August feeder cattle are up $2.75. July lean hogs are down $1.40.

July crude oil is up 29¢.

The U.S. Dollar Index September contract is up to 105.35.

June S&P 500 futures are down 14 points. September Dow futures are down 176 points.

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