Corn starts the day down at 9¢. Friday, July 28, 2023

The corn and soybean markets were hit hard by fund liquidation and improved weather forecasts on Thursday. The stock market turned lower and the U.S. dollar closed higher.

This morning the outside markets are mixed the U.S. stock market is higher, crude oil a little lower and the U.S. dollar index is lower.

At this time in grain markets are sharply lower, but well of the early day lows. Corn futures are 9¢ lower; soybean futures are 7¢ to 10¢ lower and wheat futures are 11¢ to 16¢ lower. This is surprising with USDA reporting over 900,000 metric tons of new crop soybean sales with both China and Mexico in buying.

Yesterday, the U.S. drought monitor update showed that 59% of the corn crop is impacted by drought, 53% of the soybean crop area, and 43% of the spring wheat. All of these were higher that last week and will likely move higher again next week.

Around the world in the stock market, the stock market in China is 1.4% and in Japan the stock market is down 0.2%. European stocks are up 0.2%.

 Livestock futures are lower this morning. August Hogs are up 80¢, August Live Cattle are up 7¢, and November Feeder cattle are 75¢ higher.

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