Corn up 17¢ following Crop Progress. Wednesday June 21, 2023

Corn is currently up 17¢ and soybeans are up 19¢.

CBOT wheat is up 18¢. KC wheat is up 19¢. Minneapolis wheat is up 13¢.

“The markets are continuing to rally following the USDA’s Crop Progress report posted yesterday afternoon,” says Jeremy McCann, account manager with Farmer’s Keeper. “Corn and soybean ratings fell again week after week, and it seems as though there isn’t an end in sight.

“Producers that I have spoken to from all across the grain belt seem to be already experiencing yield loss, and it’s only a matter of time until permanent damage to the crop occurs. Many want to take advantage of these high prices, but are uncertain to contract more bushels in case of total crop failure.”

In yesterday’s Crop Progress report, USDA reported corn rated good/excellent fell week-over-week by 6% to 55%. Soybeans rated good/excellent fell 5% to 54%.

Live cattle are down 80¢. Lean hogs are down 80¢. Feeder cattle are down $3.75.

Crude oil is up 73¢.

S&P 500 futures are down 22 points. Dow futures are down 142 points.

Milling wheat is up on the European MATIF trade.

Corn and soybeans are up on the Chinese Dalian trade.

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