Wheat up 13¢ this morning. Thursday, June 27, 2024

July corn is unchanged this morning. September and December corn are up less than a penny.

July soybeans are up 2½¢. August and November soybeans are also in the green.

All three September wheat contracts are in the green: CBOT wheat is up 13¼¢. KC wheat is up 7½¢. Minneapolis wheat is up 9¾¢.

“U.S. grain and oilseed prices are generally finding support on the charts following this month’s big collapse, with prices falling to levels that are seen as attractive to end users at a time when farmer selling has dried up,” said Arlan Suderman, chief commodities economist for StoneX, prior to the 8:30 a.m. CT market open. “I wouldn’t say that we’ve seen a change in the fundamentals, but we are approaching the end of the month and end of the fiscal quarter for fund managers, and we do face a couple of key USDA reports to be released midday on Friday that are known for their surprises.”

The annual Acreage report and quarterly Grain Stocks report are expected to be released from USDA at 11 a.m. CT tomorrow.

This morning USDA announced unknown destinations are buying 120,000 metric tons of soybeans for the 2024/2025 marketing year.

USDA also released the weekly Export Sales report this morning.

“Net U.S. corn export sales for the week ended June 20 came in at 26.8 million bushels [mb] including 21.3 million for 2023/2024 delivery, compared with trade expectations that ran 19.5-47.0 mb and [the] previous week’s sales of 23.8 mb, of which 20.1 million were for 2023/2024 delivery,” says The Brock Report. “Weekly U.S. corn export shipments fell to 46.3 mb from the previous week’s 58.3 million.

“Net weekly U.S. soybean export sales came in at 14.1 mb, including 10.4 million for 2023/2024 delivery, compared with trade expectations that ran 11.0-25.5 mb and the previous week’s sales of 23.5 mb, of which 20.4 million were for 2023/2024 delivery. Weekly U.S. soybean export shipments rose to 14.4 mb from the previous week’s 12.5 million but were below the pace of 18 mb needed to reach USDA’s 2023/2024 export forecast.

“… Net weekly U.S. wheat export sales came in at 24.5 mb, topping trade expectations that ran 7.5-22.0 mb and the previous week’s sales of 21.3 mb. The sales total should be supportive for wheat futures. U.S. wheat export sales for 2024/2025 through June 20 totaled 223.9 mb, up 44.5% from a year earlier.”

August live cattle are down 13¢. August feeder cattle are down 48¢. August lean hogs are up 25¢.

August crude oil is up 68¢.

The U.S. Dollar Index September contract is down to 105.42.

September S&P 500 futures are down 2 points. September Dow futures are down 34 points.

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