Grains rallying this morning. Thursday, June 6, 2024

July corn is up 10¼¢ this morning.

July soybeans are up 18¢.

CBOT wheat is up 6¾¢. KC wheat is up 8¾¢. Minneapolis wheat is up 5¾¢.

This morning USDA announced unknown destinations are purchasing 152,000 metric tons of corn for the 2023/2024 marketing year.

USDA also released the weekly Export Sales report this morning. The Brock Report included commentary on this week’s report.

“Net U.S. corn export sales for the week ended May 30 came in at 46.5 million bushels, toward the high end of trade expectations that ran 27.5 to 49 million bushels and above the previous week’s net sales of 39.3 million bushels, of which 31.9 million were for 2023/2024 delivery,” says The Brock Report. “The sales data looks neutral to supportive for corn prices. Corn export sales for 2023/2024 to date were 25.2% above a year earlier, with USDA forecasting a rise of 29.4% in marketing year exports.

“Net weekly U.S. soybean export sales came in at 9.7 million bushels, near the low end of trade expectations that ran 7.5 to 29.5 million bushels and below the previous week’s net sales of 12.4 million bushels. The sales data looks bearish for soybean prices, with sales for 2023/2024 delivery at just 7 million bushels. Export sales for 2023/2024 to date were 15.2% below a year earlier.

“Net weekly U.S. wheat export sales came in at 14.3 million bushels with sales of 22.7 million bushels for 2024/2025 delivery partially offset by net sales cancellations of 8.4 million bushels for the just-ended 2023/2024 marketing year. Total net sales were in line with trade expectations that ran 3.5 to 22.0 million bushels and were above the previous week’s net sales of 11.8 million bushels.”

Live cattle are down 75¢ this morning. Feeder cattle are down $2.10. Lean hogs are down 10¢.

Crude oil is up 54¢.

The U.S. Dollar Index June contract is down to 104.17.

S&P 500 futures are up 2 points. Dow futures are up 172 points.

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