Wheat and corn in the red this morning. Thursday, May 30, 2024

July corn is down 1¼¢ this morning.

July soybeans are up 5¢.

CBOT wheat is down 8¾¢. KC wheat is down 7½¢. Minneapolis wheat is down 4¼¢.

“While corn and soybeans prices have sold off over the past two days, prices are now testing important support levels,” says Naomi Blohm, senior market adviser for Total Farm Marketing. “July corn has support at $4.50 (resistance at $4.70). December corn has support at $4.75 (resistance at $4.95). July beans have support at $12.00 (resistance at $12.50). Month-end position squaring is also noted.”

Looking forward to the weekend, the Commstock Report notes more rain is expected to hit some of the top corn-growing states.

“Widespread rains are expected to return over much of the Plains and Western Corn Belt through the weekend,” says the report. “But with planting progress now ahead of the five-year averages, concern about ‘delayed planting’ has vanished and the trade seems to be settling back into the ‘rain makes grain’ mode of thinking.”

Livestock is also largely in the red this morning. August live cattle are down 18¢. August feeder cattle are down 5¢. July lean hogs are down 33¢.

Crude oil is down 46¢.

S&P 500 futures are down 23 points. Dow futures are down 346 points.

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