Soybeans close higher but corn, wheat futures end the day under pressure. Wednesday, June 1, 2022

U.S. grain prices ended the trade on Wednesday mixed. July corn was down 22 ¼ cents with December corn down 20 cents. July soybean futures were 7 cents higher with November beans up 5 ¾ cents. July Chicago wheat closed down 46 ¼ cents. July Kansas City wheat closed down 37 ¼ cents, and July Minneapolis wheat closed down 50 ½ cents.

Livestock prices closed the day higher. Live cattle futures finished the day up $2.27 on the June contract. August feeder cattle closed up $4.60, and June lean hog futures closed the day $1.82 higher.

Crude oil is up 10 cents, and the Dow futures were 176 points lower.

Rumors of a fund that was long with wheat and corn getting forced out of the market was the news today. Considering we closed well off the lows of the day, it makes sense. However, chart damage has been done, especially on December corn closing below support at $7.03.

U.S. planting progress has caught up, and we are right on the five-year average pace, and the weather looks real good for crop growth. Look for funds to take off more long positions to reduce their risk. Rallies in corn and wheat going forward will be tough to hold.

Cattle got a nice boost with higher cash prices today. Fundamentals look very friendly. Are we starting to see the packers short some numbers to slaughter? The stock market was lower earlier today. For live cattle to go their own direction and close the day higher is friendly to me.

Crude oil again failed to hold gains. We traded close to $118 per barrel before pulling back. This is the second trading day in a row that crude oil is struggling to hold gains.

With grain prices closing well off of their lows, I would think we could see a higher trade tonight. But again rallies will be tough to hold.

At midday, July corn futures down 30 to 31 cents with December corn futures down 24 to 25 cents. July soybean futures are 5 to 6 cents lower with November futures down 1 to 2 cents. July Chicago wheat is 53 cents lower. July Kansas City wheat is 46 cents lower, and July Minneapolis is 41 cents lower.

Livestock prices are mixed, with live cattle up $1.92, feeder cattle up $3.85, and lean hogs up $1.25 per hundred.

Crude oil is up $1.66 this morning, and the Dow futures are 320 points lower.

With 86% of the corn crop planted and a favorable weather forecast for crop development, funds are taking off some of their long positions to reduce risk. Soybeans are doing their best to hold some positive gain with this morning’s announcement of more soybean sales to China.

Cash cattle and hogs are called higher this week. This is providing support to the meat complex. Feeder cattle are getting a nice boost, with corn getting sold off hard.

Spreads are weak again today in corn and soybeans. Not a good sign for the bulls, and with the key reversal lower trade yesterday on July soybeans, we are doing some damage to the charts.

U.S. grain prices are higher this morning. July corn futures are 1 cent higher. July soybean futures are 16 to 17 cents higher. July Chicago wheat is 5 cents higher. July Kansas City wheat futures are 7 cents higher, and July Minneapolis wheat futures are 7 cents higher.

Livestock prices are higher this morning. Live cattle are 82 cents higher. Feeder cattle are 22 cents higher, and lean hog futures are $1.22 higher.

Crude oil is up $2.70 this morning and the stock market is up 274 points to start off today’s trade.

After the commodity-wide selloff yesterday, we are getting a bounce back. Yesterday was month end and that seemed to bring in the selling. As the USDA reported late yesterday, 86% of corn and 66% of soybeans are planted. Farmers are basically right on the five-year average pace, and one would have to think rallies will be hard to sustain going forward.

Private exporters reported sales of 132,000 metric tons of soybeans to China this morning. Sixty-six thousand (66,000) metric tons are for the 2021/2022 marketing year, and 66,000 metric tons are for the 2022/2023 marketing year.

This afternoon we will get the Oilseed Crushings report for April. Trade estimate is 180.5 million bushels and compares to 169.9 million bushels in April a year ago along with 192.9 million bushels in March. Record crush for April stands at 183.4 million bushels.

Crude oil has bewn very sensitive to the headlines lately. The European Union made more progress into cutting off oil supplies from Russia, which sent prices higher. Then during the trade yesterday, there was a story out about OPEC suspending Russia on producing more crude oil. Many were thinking that is a step toward the other OPEC countries to increase their production.

Livestock prices are bouncing back here today. The commodity wide selloff included the beef and pork complexes too. Not much for new news in the meat complex. Fundamentals look very positive but if the funds want to sell, that will drive the prices lower.

Tags: corn, grain, prices, животноводство, soybean, wheat, lean hog, futures, live cattle, feeder cattle