Corn down 5¢. Wednesday, July 31, 2024

December corn is down 5¾¢ this morning.

November soybeans are down 2½¢.

September wheat contracts are also down. CBOT wheat is down 7¼¢. KC wheat is dow 9¼¢. Minneapolis wheat is down 6½¢.

“ … You know you’re in a major bear market when you look to daily or weekly charts for the next ‘support’ areas and find none,” said the Commstock Report this morning during the overnight trading session. “You have to go to the monthly charts and they’re still ominous. Spot corn is right at critical support dating all the way back to 2019 and if that fails, the monthly chart shows no further support until $3.25. That seems preposterous but the next crop report is due Aug. 12 and we’re already seeing several analysts plugging in above-trend yield assumptions and further rise in ending stocks.”

If there is a silver lining to lower prices, perhaps Al Kluis, managing director of Kluis Commodity Advisors, hit on it early this morning during the overnight session. He said U.S. corn and soybean prices have become competitive in the global market and therefore he expects more export sales to be announced in the coming days and weeks. Then later in the morning, funny enough, USDA announced unknown destinations are buying 104,572 metric tons of corn for the 2024/2025 marketing year.

Looking ahead, Kluis notes he expects an announcement from the U.S. Federal Reserve today. “They should give some hints of if and when they will begin making [interest] rate cuts. I think the early hint (that a rate cut is likely in September and December) is what has the stock market sharply higher overnight and the U.S. dollar trading lower.”

The U.S. Dollar Index September contract is currently down to 103.90.

September crude oil is up $1.90.

September S&P 500 futures are up 85 points. September Dow futures are up 146 points.

October live cattle are down 63¢. September feeder cattle are up 25¢. October lean hogs are up 75¢.

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