Grains mixed ahead of of June WASDE. Wednesday, June 12, 2024

July corn is up 4¢ this morning ahead of the release of the June World Agricultural Supply and Demand Estimates (WASDE) report.

July soybeans are down 1¼¢.

CBOT wheat is down 14½¢. KC wheat is down 19½¢. Minneapolis wheat is down 13¾¢.

“Today’s USDA WASDE crop report is expected to be a quiet one, with no changes to U.S. corn and soybean production estimates, an increase to wheat production estimates, and only modest changes to demand estimates,” says Arlan Suderman, chief commodities economist for StoneX.

“Watch for cuts though for Argentine and Brazilian corn production estimates, along with another possible cut to Brazil’s soybean crop. But the trade may be most focused on Black Sea wheat production estimates. Meanwhile, China continues to aggressively purchase Brazilian soybeans, for both this summer, and for next winter, while buying very few U.S. soybeans for fall shipment, with U.S. new-crop sales barely moving the needle thus far.”

Today’s WASDE report is expected to be released at 11 a.m. CT.

For the second day in a row, USDA announced an old crop soybean sale. China is buying 106,000 metric tons of soybeans for the 2023/2024 marketing year.

Live cattle are up 35¢ this morning. Feeder cattle are up $1.05. Lean hogs are up 38¢.

Crude oil is up $1.35.

The U.S. Dollar Index September contract is down to 104.05.

S&P 500 futures are up 58 points. Dow futures are up 256 points.

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