US soybeans down 19¢ on Monday, June 17, 2024

Published Jun 18, 2024

Tridge summary

This morning, July futures for corn, soybeans, and various wheat are down, with significant price drops. The USDA Crop Progress report, expected later today, is likely to show a 2% to 3% decline in crop conditions for U.S. corn, soybeans, and spring wheat. Weather conditions in the Corn Belt are mixed, with wet conditions in the north and west and dry conditions in the central and east. Al Kluis of Kluis Commodity Advisors emphasizes the importance of corn ratings in Iowa and Illinois, suggesting a potential trend change in grain markets this week. In contrast, prices for August live cattle, feeder cattle, July lean hogs, July crude oil, and the U.S. Dollar Index September contract have risen, while September S&P 500 and Dow futures have declined.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

July corn is down 4¾¢ this morning. July soybeans are down 19½¢. CBOT wheat is down 19¢. KC wheat is down 19½¢. Minneapolis wheat is down 13¢. Today at 3 p.m. CT, the weekly USDA Crop Progress report is expected to be released. “Crop conditions for U.S. corn, soybeans and spring wheat will move 2% to 3% lower this week,” says Al Kluis, managing director of Kluis Commodity Advisors. “It is staying wet in the northern and western Corn Belt, and dry now in the central and eastern Corn Belt. The key to watch will be corn ratings in Iowa and Illinois. “I am watching the price action this week in the grain markets. This is a key change-of-trend week. One year ago this week, prices put in an important high.” August live cattle are up 10¢. August feeder cattle are up 70¢. July ...
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