USA: Corn and soybean prices close in the red on May 30, 2023
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Published May 31, 2023
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Grain markets were hit hard with corn and soybeans closing down lower than this morning.
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The grain markets were hit hard today. This weekend brought more rain than expected to the western Corn Belt, and the extended forecasts bring some rain into the dry eastern Corn Belt, says analyst Al Kluis. At closing, July corn closed down 10¢, with December down 9¢, July soybeans closed down 41¢ with November soybeans down 36¢. Wheat futures closed 25¢ to 35¢ lower. In addition, there was a hard down move in crude oil prices and sharply lower Russian wheat offers. This combination was very negative for corn, soybean, and wheat prices. Soybean and wheat futures fell to new lows for 2023. Today, the USDA Crop Progress report showed the initial corn ratings at 69% good to excellent compared to 73% last year. Soybean plantings reached 83% and spring wheat is 85% planted. These were all close to pre-report trade estimates. At market, livestock futures closed higher. June hogs closed up $4.75 at $80.80, June cattle closed up $1.52 at $168.87, and August feeders closed up $3.85 at ...
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