Corn starting day up 4¢. Tuesday, July 11, 2023
December corn is down 4¢ this morning while November soybeans are up 15¢.
CBOT wheat is up 5¢. KC wheat is up 9¢. Minneapolis wheat is up 11¢.
“Forecast models are continuing to show rain for the central corn belt over the next five days and corn shipments decreased 50% on the week for the week ending July 6th,” says Jeremy McCann, account manager with Farmer’s Keeper. “Despite the bearish flags, the market continues to position itself for a bullish WASDE report.
“Traders are estimating that USDA will rework yields to 176.6 bushels per acre for corn and 51.4 bushels per acre for soybeans. If the market does not receive the drop in yield that it is expecting, it will likely erase the positive movement we’ve had thus far this week.”
Al Kluis, managing director of Kluis Commodity Advisors, says keep an eye on crop conditions in Illinois for the next few weeks.
“Corn ratings in Illinois improved by 7% but are still only 33% good to excellent,” he says. “For soybeans, ratings improved by 2% to 36% good to excellent. Low crop ratings in Illinois make getting a trendline yield in the U.S. nearly impossible.”
Live cattle are down 33¢. Lean hogs are up 55¢. Feeder cattle are down 43¢.
Crude oil is up 75¢.
Milling wheat is up on the European MATIF trade while corn and soybeans are down on the Chinese Dalian trade.
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