Market Update
Posted 10:26 — July corn increased by 4.5 cents per bushel, while July soybeans rose by 20.5 cents. July KC wheat gained 2.25 cents, and July Chicago wheat climbed 2.5 cents. Conversely, MIAX July Minneapolis wheat dropped 2.25 cents. The Dow Jones Industrial Average decreased by 390.63 points. The U.S. dollar index saw a rise of 0.250, and June crude oil surged by $3.48 per barrel. June gold, however, fell $111.80 an ounce. By mid-morning, both soybeans and bean oil saw significant gains, with November beans and July bean oil reaching new highs, and July beans seemed to break out of their six-week range. On another note, wheat prices in Chicago and Kansas City rebounded, and crude oil continued to rise.
Posted 8:30 — Initially, July corn dropped by 2 cents per bushel, while July soybeans rose by 7.75 cents. July KC wheat fell 8 cents, and July Chicago wheat decreased by 3 cents. Additionally, MIAX July Minneapolis wheat was down by 6.5 cents. The Dow Jones Industrial Average fell by 184.89 points. The dollar index gained 0.180, and June crude oil went up by $1.02 per barrel. June gold decreased by $74.60 an ounce. Soybeans and their products edged higher, with soybean oil achieving a new peak for the seventh consecutive time. Meanwhile, corn prices declined, which may negatively impact wheat moisture levels in some of the driest HRW areas this week.
Posted 7:12 PM Sunday — July corn ticked up by a quarter of a cent, and July soybeans rose by 2.5 cents. July KC wheat increased by 0.75 cents, while July Chicago wheat gained half a cent. In contrast, July MIAX Minneapolis wheat fell by 5 cents. June crude oil saw a minor increase of $0.09, and Dow Jones futures were up by 40 points. The U.S. dollar index slightly dropped by $0.01, with June gold falling by $24.00. Heading into Sunday evening’s trading, raw crop futures appeared mixed, with weather patterns expected to dominate the Midwest for the latter part of the week, particularly with temperatures remaining below average across the grain belt. Traders are monitoring emerging reports of crop damage. Hard red wheat crops in Nebraska, Kansas, and Colorado are looking forward to much-needed rain this week, although some of it might fall as snow. In the realm of external markets, President Trump announced that the U.S. would start “directing” ships through the Strait of Hormuz, but details about the plan remain sparse. Despite recent contact between the U.S. and Iran, crude oil and other energy markets are trading slightly higher, with both Brent and WTI futures still above $100 per barrel.
Posted 11:43 — June live beef prices decreased by $1.90 to $251.10, while August feed beef fell by $6.28 to $365.90. June lean hogs dropped $0.83 to $100.45. On a brighter note, July corn rose by 5.5 cents per bushel, and July soybean meal increased by $3.10. The Dow Jones Industrial Average fell by 488.60 points, and the Nasdaq lost 116.74 points. Midday on Monday, livestock contracts were declining, lacking strong support across the market. The new show list seems mixed, showing higher numbers in Nebraska and Colorado, stable figures in Texas, and lower counts in Kansas.
Posted 08:39 — June live beef prices were down $0.23 to $252.775, while August feed beef dropped $0.15 to $372.025. June lean hog prices increased by $0.55 to $101.825. July corn fell 1.5 cents per bushel, while July soybean meal rose by $2.30. The Dow Jones Industrial Average dipped by 154.46 points, and the Nasdaq dropped by 9.04 points. As the trading week begins, cattle contracts are showing slight losses, whereas the lean hog complex has a slight uptick. With today’s cattle reporting requirements, it’ll be intriguing to see how much the market-weighted average has surged over the past week — reaching new all-time highs seems likely.
