Grains in the red. Friday, July 7, 2023

December corn is currently down 3¢.

November soybeans are down 6¢.

CBOT wheat is down 4¢. KC wheat is down 9¢. Minneapolis wheat is down a penny.

This morning USDA announced the sale of 180,000 metric tons of corn for delivery to Mexico. The sale is split into 45,000 metric tons for delivery during the 2022/2023 marketing year and 135,000 metric tons for delivery during the 2023/2024 marketing year.

USDA also released the weekly Export Sales report this morning. Corn and soybean export sales were both within the expected range for 2022/2023. Corn sales for 2023/2024 also met expectations. Soybeans and wheat exceeded expectations for 2023/2024 sales with 592,800 metric tons and  405,800 metric tons in sales respectively.

“The front moving through the Midwest has produced some moisture, but amounts have largely been disappointing,” says Grain Market Insider by Stewart-Peterson Inc. “Temperatures are expected to stay mild with the potential for more showers next week. Weather conditions in the Northern Plains are mostly favorable and may see some isolated showers over the next five days with cooler temperatures to help ease crop stress.”

Live cattle are up 23¢. Lean hogs are down $1.65. Feeder cattle are up $1.28.

Crude oil is up 45¢.

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

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