Corn starts day up 9¢. Monday, June 12, 2023

Corn up 9¢ at the market open.

Soybeans are up 4¢.

CBOT wheat is up 2¢. KC wheat is down 5¢. Minneapolis wheat is down ¹⁄₄ of a penny.

“Corn is trading higher this morning after weekend rains left much to be desired,” says the Grain Market Insider newsletter by Stewart-Peterson Inc.”Rain only fell in select areas of the Belt but areas that did receive rain got a healthy amount. There is only light rain forecast near Colorado and east of Michigan today, and areas that did not receive rain over the weekend are struggling.”

Concerning soybeans, Grain Market Insider says “Soybeans are trading higher this morning but have not kept up with the gains in corn. Dryness over the weekend has been a bullish factor, but soybeans can wait a bit longer for rain before it becomes an issue.”

The USDA Crop Progress report is expected this afternoon. Al Kluis, managing director of Kluis Commodity Advisors, says the report is “likely to show a 2% to 4% decline in the national crop ratings for corn and soybeans. That makes the USDA yield projections (181.5 for corn and 52 bushel per acre for soybeans) seem too high.”

Live cattle are up 5¢. Lean hogs are up $1.45. Feeder cattle are down $1.38.

Crude oil is down $2.38.

S&P 500 futures are up 10 points. Dow futures are up 101 points.

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

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