Corn starts day up 7¢. Monday, July 10, 2023

December corn is up 7¢ and November soybeans are up 27¢.

CBOT wheat is up 9¢. KC wheat is up 8¢. Minneapolis what is up 14¢.

“Corn and soybean futures rebounded in early trading with soybean futures leading the way on strong gains in soy oil prices,” says The Brock Report.

“Concerns about spotty weekend rainfall coverage across the Midwest are also likely behind the price strength. Although central Illinois received badly needed coverage, large portions of the western Corn Belt were dry.”

Arlan Suderman, chief commodities economist with StoneX, says there is one week left until the Black Sea Grain Initiative is due to expire but Ukraine and Turkey are talking about a two-year extension.

“Yet, Russia doesn’t even appear interested in talking at this point, as the last of the ships at the ports are loading and preparing for departure, with no new ships entering the ports,” says Suderman.

“Look for Ukraine to shift to its ‘Plan B’ at some point soon, but it’s yet to be seen whether shippers will be willing to take the risk or not, and if so, at what pace. The primary question then will be, how will Russia respond?”

“Traders and producers alike are largely expecting the USDA to drop yield estimates from their original 181 bushels per acre for corn and 52 bushels per acre for soybeans,” he says. “Although an adjustment to the yield estimates in July is rare, I think it’s fair to expect that the market will price in the forecasted decline over the next couple of days and react from there.”

Live cattle are up 3¢. Lean hogs are up 35¢. Feeder cattle are down 15¢.

Crude oil is down 12¢.

S&P 500 futures are up 3 points. Dow futures are up 176 points.

Milling wheat is down on the MATIF trade. Corn is up on the Dalian trade while soybeans are down.

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