Wheat making gains this morning. Wednesday, June 26, 2024

July corn is down less than a penny this morning. September and December corn are also down.

July soybeans are up 7¾¢. August soybeans are up as well but November soybeans are down.

All three July wheat contracts are up: CBOT wheat is up 6¢. KC wheat is up 11¢. Minneapolis wheat is up 8¢.

On Friday USDA is expected to release the annual Acreage report, which will include updated estimates for 2024 corn, soybean, and wheat planted acres. Ahead of the report, the Kluis Commodity Advisors/Successful Farming survey found farmers planted over 6 million fewer corn acres year-over-year. They survey results show farmers planted fewer corn acres than USDA previous projected and more soybean acres.

“Whatever the USDA says Friday for planted and harvested corn acres, we will see that number reduced by 500,000 to 1 million acres in the August report,” says Al Kluis, managing director of Kluis Commodity Advisors. “I hope the USDA will re-survey the northern and western Corn Belt before that Aug. 12 report.

“I am watching the drought in China expand into their northern plains, where most of the nation’s corn and soybeans are produced. With new crop soybeans at the lowest price since 2021, I expect them to start buying at any time.”

August live cattle are up 55¢. August feeder cattle are up $1.13. July lean hogs are down 8¢.

August crude oil is up 34¢.

The U.S. Dollar Index September contract is up to 105.61.

September S&P 500 futures are down 6 points. September Dow futures are down 155 points.

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