‘Very Choppy’ Day of Trade. Friday, June 21, 2024

Today was a very choppy day of trade in the grain markets. The grain corn and wheat markets closed under pressure, with wheat setting new contract lows. Soybeans were higher on stronger meal prices.

U.S. weather and weather forecasts were the main features in the grain markets. Next week, the GFS projects cooler weather and more rain from Illinois through the Ohio Valley. The European weather model keeps it hot and dry. We will find out Sunday night which model is right.

Today, corn futures closed down 3¢ to 4¢. Soybean futures closed 3¢ to 5¢ higher. Wheat futures closed 6¢ to 12¢ lower.

The Shanghai, China stock market was down 0.24% while stocks in Japan were down 0.095%. Most European stock indexes closed lower.

The U.S. Dollar Index is up .22 points at 105.78. Crude oil is down 70¢ per barrel at $80.58. Gold is down $38 per ounce. U.S. stock market is slightly lower.

In the livestock markets today, July hogs are up 90¢. August cattle closed up 60¢. August feeder cattle is down $1.45.

Corn futures under pressure: 9:26 a.m. CT

Good morning, and welcome to the first day of astronomical summer!

Grain markets were hit hard Thursday from changing weather forecasts and massive fund selling. Corn futures are under pressure at the start of today, with July testing the two-week low at $4.38. July soybeans are higher on stronger meal prices, and wheat futures are mixed.

Today is option expiration day on July grain futures contracts, so you can expect very volatile markets into the close. In the grain markets, it’s a world of haves and have-nots: another deluge in the northern Corn Belt, while the central and eastern Corn Belt bakes.

At this hour, July corn futures are down 1¢ and December are down 2¢. July soybean futures are 4¢ higher, November soybeans are down 4¢, and wheat futures are 1¢ to 5¢ lower.

The Shanghai Composite market index closed Friday down 0.24%. Japan’s Nikkei 225 Index was up 0.2%. European stocks are down 0.7% before the close.

The U.S. Dollar Index is up .20 points at 105.78. Crude oil is up 10¢ per barrel at $81.33. Gold is down $23 per ounce, and the U.S. stock market is flat.

July hogs are up 40¢, August cattle are down 40¢, and August feeder cattle are down $1.22.

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