Corn starts day flat. Thursday, June 29, 2023
Corn is flat at the start of today’s trade while soybeans are up a penny.
CBOT wheat is up 7¢. KC wheat is up 3¢. Minneapolis wheat is up 8¢.
“The volatility vanished in the grain and soybean futures markets overnight with futures sticking to relatively narrow price ranges in cautious trading,” says The Brock Report. “This suggests improved Corn Belt rains have now been factored into corn and soybean futures for now. Futures may continue to consolidate today with position evening ahead of tomorrow’s USDA Crop Acreage and Grain Stocks reports dominating trade.”
Grain Market Insider by Stewart-Peterson says a front that moved through Iowa, Missouri, and Illinois yesterday provided most areas with about 1/4 inch of rain.
“There is still significant rain in the five-day forecast with large amounts expected in the parts of Illinois that are the driest,” says the newsletter.
This morning USDA released the weekly Export Sales report. Export sales for corn, soybeans, and wheat all fell within the expected range for each commodity.
Live cattle are down 33¢. Lean hogs are down 20¢. Feeder cattle are down 43¢.
Crude oil is up 14¢.
Milling wheat is up on the MATIF market while corn and soybeans are down on the Dalian trade.
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