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July corn closes at one-month high | Friday, May 26, 2023
Corn ended the day up 14¢ to $6.05 a bushel. This is the highest closing price for July corn since late April.
Soybeans closed up 12¢ to $13.36 a bushel.
CBOT wheat closed up 13¢. KC wheat ended the day up 2¢. Minneapolis wheat settled up 13¢.
- READ MORE: Dry years cut nitrate loads in Iowa's rivers
"Traders are still going to go into Memorial Day weekend with some uncertainty about Midwest weather prospects," said The Brock Report at midday. "The forecast headed into the weekend is much as it was all week: above-average temperatures and below-average rains over the next two weeks. If the forecast still looks like that come Tuesday morning, concern about corn production in particular could start to grow, and drought talk will rapidly increase."
Live cattle closed up 35¢. Lean hogs are down $2.83. Feeder cattle are down 80¢.
Crude oil is up $1.01.
S&P 500 futures are up 58 points. Dow futures are up 340 points.
Reminder: The market is closed on Sunday evening and Monday in observance of Memorial Day. The market will reopen Monday night at 7 p.m.
Soybeans up 15¢ at midday: 10:42 a.m. CDT
Corn is currently up 11¢ while soybeans are up 15¢.
CBOT wheat is up 8¢. KC wheat is up 2¢. Minneapolis wheat is up 7¢.
Live cattle are up 5¢. Lean hogs are down $2.40. Feeder cattle are down 90¢.
Crude oil is up 94¢.
The U.S. Dollar Index June contract is at 104.32.
S&P 500 futures are up 40 points. Dow futures are up 256 points.
Corn, soy, wheat in the green at market open: 9:09 a.m. CDT
Corn is starting the day up 5¢.
Soybeans are up 11¢.
CBOT wheat is up 7¢. KC wheat is up 9¢. Minneapolis wheat is up 11¢.
Ami Heesch, commodity broker for CHS Hedging, says corn and soybeans are benefitting from concerns about dry weather.
Naomi Blohm, senior market advisor with Total Farm Marketing, says weather forecasts will likely be a driving force for next week's trade.
"The meteorologists agree – we are either headed for a dry and hot June like 2012 or the weather models will switch in a week, and all will be right as rain," she says.
Heesch says wheat is finding support from winter wheat crop condition concerns, and concerns over Black Sea grain shipments come July, as Russia says they will back out of the deal in July if their demands to remove sanctions have not been met.
Live cattle are up 23¢. Lean hogs are down 88¢. Feeder cattle are down 28¢.
Crude oil is up $1.00.
S&P 500 futures are up 27 points. Dow futures are up 253 points.
Heesch says the debt ceiling debate is expected to be settled late tonight. To learn more about how the debt ceiling debate and potential outcomes may impact agricultural commodities, check out the market update from Wednesday, May 24.
