Market Update

At the close, corn saw a slight uptick, gaining 3 cents in July to reach $4.42½ per bushel.

In July, soybeans climbed by 5½¢, settling at $10.57¼ per bushel.

A commentary from Don Roose, president of US goods, noted that “we eliminated the risk premium as planting and crop conditions looked good. This week, we found ourselves at a fair market value, but we might need to reconsider the risk premium if weather patterns shift toward the end of June.”

Loose pointed out that small premiums have also emerged, reflecting observations about the improving US-China relations.

The wheat market finished July on a positive note. CBOT wheat rose by 9¼¢, reaching $5.54¾ per bushel, while KC wheat increased by 6¾¢ to $5.49¼ per bushel. Minneapolis wheat jumped by 10 cents to $6.35¼ per bushel.

In livestock, live cattle for August rose by $2.05, priced at $218.87 per 100 pounds. Feeder cattle in August were slightly over $1.00, sitting at $310.15 per CWT. Lean hogs in July saw an increase of $2.30, reaching $107.10 per CWT.

As of just after 3 PM CT, crude oil prices ticked up by $1.25 in June, landing at $64.62 per barrel.

June S&P 500 futures experienced a rise of 65 points, while June Dow posted a jump of 473 points.

The US dollar index gained 441 points in June.

Market Activity: Near the Weekend

After 9 AM, July corn dipped by 3¼¢ to $4.36¼ per bushel.

In July, soybeans increased by 1¢, landing at $10.53¼ per bushel.

Setzer commented on market trends, noting, “Maize, soybeans, and wheat have cushioned the downturn thanks to shopping interest. The rebound from Thursday has faded. Weather patterns are indicating warmer, drier conditions in the US, but forecasts are suggesting increased chances of rain, which may mitigate potential crop damage.”

He also mentioned that the visibility of crop progress is clearer, with the next Monday report indicating that corn planting wrapped up before the final date. This suggests that farmers will have a better idea of whether to take advantage of current prices rather than just producing.

Wheat started the day on a weaker note in July. CBOT wheat fell by 2¼¢ to $5.43¼ per bushel, and KC wheat dropped by 5½¢ to $5.37 per bushel. Minneapolis wheat declined by 2¼¢, landing at $6.23 per bushel.

Live cattle in August experienced a decrease of 50 cents, now at $216.32 per CWT. Meanwhile, feeder cattlein August fell by $1.00 to $308.15 per CWT. Lean pigs in July dropped just over $1.42 to $106.22 per CWT.

Crude oil rose by 91¢ in June, now priced at $64.28 per barrel.

June S&P 500 futures increased by 70 points, and June Dow saw a rise of 544 points.

The US dollar index maintained its increase of 441 points in June.