US: Corn up 5¢ as trading day gets started, Thursday, June 13, 2024

Published Jun 14, 2024

Tridge summary

The USDA announced large soybean sales for the third day in a row, with unknown destinations purchasing 120,000 metric tons for the 2023/2024 marketing year. Despite this, the weekly Export Sales report showed net U.S. corn, soybean, and wheat export sales coming in as expected but slightly down from the previous week. Brazil's agricultural agency, Conab, increased its corn production forecast to 114.14 million metric tons, while reducing its soybean crop estimate to 147.35 million metric tons, both slightly below USDA's projections. In the livestock market, futures for live cattle, feeder cattle, and lean hogs saw downward movements, whereas crude oil and the U.S. Dollar Index saw upward movements. S&P 500 and Dow futures predicted a downturn.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

July corn is up 5½¢ this morning. July soybeans are up 9¼¢. CBOT wheat is up 5½¢. KC wheat is unchanged. Minneapolis wheat is up 4¢. This morning USDA announced an old crop soybean sale for the third consecutive day this week. Unknown destinations are buying 120,000 metric tons of soybeans for the 2023/2024 marketing year. USDA also released the weekly Export Sales report. “Net U.S. corn export sales for the week ended June 6 came in at 44.3 million bushels, in line with trade expectations that ran 31.5 to 59.0 million bushels and down from the previous week’s sales of 51.0 million,” says The Brock Report. “The export total looks neutral for corn prices. “Net weekly U.S. soybean export sales came in at 14.0 million bushels, in line with trade expectations that ran 8.5 to 25.5 million bushels and up slightly from the previous week’s sales of 9.7 million. The total looks neutral to negative for soybean prices. U.S. soybean export sales for 2023/2024 to date are 15.2% behind a year ...
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