Corn up 2¢. Friday, July 14, 2023

December corn is up 2¢ while November soybeans are down 1/4 of a penny.

CBOT wheat is up 6¢. KC wheat is up 7¢. Minneapolis wheat is up 11¢.

“Thursday’s rebound in corn following Wednesday’s collapse to new long-term lows is a warning signal that all of the bearish news has likely been factored into futures for now,” says The Brock Report. “We expect price action to remain highly volatile as the U.S. crop continues to go through pollination.”

The Brock Report also says traders will be watching for news on the Black Sea Grain Initiative today and over the weekend, as it is set to expire on Monday.

“The U.N. and Turkey are working to try to broker a deal, and today Turkish President Tayyip Erdogan said he is in agreement with Russian President Vladimir Putin that a deal allowing the Black Sea export of Ukraine grain should be extended, Reuters reported,” says The Brock Report. “It’s an interesting framing given that the Kremlin has rarely in recent weeks given any indication it thought the deal should be extended.”

Live cattle are up 90¢. Lean hogs are down 20¢. Feeder cattle are up 53¢.

Crude oil is down 87¢.

The U.S. Dollar Index September contract is at 99.63.

Ami Heesch, commodity broker for CHS Hedging, says weakness in the U.S. dollar is supporting corn and wheat today as well as easing concerns for more interest rate hikes.

S&P 500 futures are up 14 points. Dow futures are up 146 points.

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