Corn prices ended the day lower, with the July contract down 4¢ at $4.79¼ per bushel. Soybeans, on the other hand, saw a positive close, with July soybeans up 4¼¢ at $10.50¼ per bushel. Wheat markets also closed in the red, as the July CBOT wheat contract fell 6¾¢ to $5.43½ per bushel. In Kansas City, wheat dropped 8¢ to $5.50¼, while Minneapolis wheat declined 3¼¢, settling at $6.07.
The Grain Market Insider newsletter by Stewart-Peterson Inc. attributed the rally in soybeans to growing optimism surrounding potential U.S.–China tariff relief. The newsletter noted that soybeans had closed higher for the second consecutive day.
Regarding corn, the report stated that futures continued their downward trend for the third consecutive day. The July contract fell nearly 20¢ from its recent high. The strength of the U.S. dollar and weakness in the wheat market were cited as key factors keeping pressure on corn prices.
Livestock Markets Show Gains Amid Crude Oil Decline
In the livestock markets, June live cattle rose by $1.83, closing at $208.10 per hundredweight (cwt). August feeder cattle saw an increase of 93¢, closing at $292.18 per cwt. Meanwhile, June lean hogs dropped 13¢, ending the day at $100.15 per cwt.
Crude oil prices also experienced a decline, with June crude oil dropping $1.50 to $62.17 per barrel.
In the broader stock market, June S&P 500 futures and Dow futures saw positive movement, rising by 79 points and 355 points, respectively.
Pre-market Movements: Corn and Wheat Down; Soybeans Up
Earlier in the day, ahead of 9 a.m. CT, July corn was down 4¾¢ at $4.78½ per bushel, with analysts noting that the lack of bullish news contributed to the decline. Senior market advisor Naomi Blohm suggested that the next support level for corn was $4.80, with a more significant support point at $4.75.
Soybeans were up 4¼¢ at $10.50¼ per bushel, continuing their positive momentum. Wheat contracts showed declines, with CBOT wheat down 4¢ at $5.46¼, Kansas City wheat down 6¢ at $5.52¼, and Minneapolis wheat down 3¢ at $6.07¼.
In the livestock markets, June live cattle were up $1.95 at $208.23 per cwt, and August feeder cattle rose by $1.90 to $293.15 per cwt. June lean hogs were up $1.10 at $101.38 per cwt.
Crude oil saw a modest gain earlier in the day, up 1¢ at $63.68 per barrel, while the U.S. Dollar Index for the June contract rose to 99.26. The broader stock indices saw significant gains, with June S&P 500 futures up 173 points and June Dow futures rising by 1,063 points.
