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Corn, soybeans close higher | Friday, June 24, 2022

Soybean and soybean oil prices collapsed into the close on Thursday and then managed to rally back today. Corn futures also closed higher, while wheat futures closed lower after trading higher early in the day.

July corn closed 3 cents higher today at $7.50. December corn closed up 18 cents at $6.74. July soybean futures closed up 17 cents at $16.11, while the November contract closed 9 cents higher. Wheat futures closed lower on a late sell-off with CBOT wheat closing 13 cents lower. KC wheat was down 12 cents, and Minneapolis wheat closed down 10 cents.

For the week, July corn closed down 34 cents. Soybeans closed 91 cents lower, and wheat futures closed 98 cents to $1.12 per bushel lower.

Looking ahead to next week here are three key factors we'll be watching.

  1. The weekend weather and the extended weather forecasts
  2. Monday's USDA Crop Progress report. Corn and soybean crop prospects have improved, but the crop is not made. Some of the forecasts today bring in real heat after the July 4 holiday.
  3. The June USDA Grain Stocks and Planted Acreage reports on Thursday.

In outside markets, the U.S. dollar is trading higher. Crude oil is up over $3.40 per barrel, and the stock market is higher again with the Dow up 647 points at this hour. 

In the livestock markets, August hogs closed up $3.10 $106.77. August cattle closed down 50 cents at $133.37, and August feeders closed down $2.35 at $172.50.

Grain markets remain mostly higher with new crop corn up 18 cents: 11:05 a.m.

Soybean oil which was hit very hard this week is higher today. The corn and wheat export sales today were better than expected, while soybeans were as expected. At the current export pace, I do not expect any changes in the USDA export sales projections next month.

At this hour, July corn is up 9 cents. December corn is up 18 cents. July soybean futures are currently up 26 cents. November soybeans are 15 cents higher. Wheat futures are higher, with CBOT wheat up 5 cents. KC wheat is up 1 cent, and Minneapolis wheat is 4 cents lower.

The focus is on weather, and we have factored in cooler temps and more rain in the 6- to 10-day forecasts. Some of the models crank up the heat after the July 4 holiday. The crop is looking good – but is not made. 

Over in the livestock market, August hogs are up $2.25 at $105.92. August cattle are down 32 cents at $133.52, and August feeders are down $2.35 at $172.52.

In outside markets, crude oil is up $3.25 per barrel. The U.S. stock market is moving higher with the Dow up 642 points. The U.S. dollar index is 0.34 lower at 104.08.

Grain markets mostly higher this morning: 9:05 a.m.

The grain markets were lower to start the night but have now turned mostly higher. The massive fund liquidation may be over. I do see end user buying and have noticed that we have more normal trading ranges so far today, 

July corn is up 5 cents. December corn is up 12 cents. July soybeans are trading 5 cents higher, and November soybeans are down 5 cents. Wheat futures are 2 to 13 cents higher.

The key to watch today is if the markets not only close higher but close near the highs of the day. My corn chart shows lows about every 25 to 28 days, and we are in the ideal timeframe for that low.  

Around the world in the stock, commodity markets

The stock market in China is up 0.9%. Japan is up 1.3%, and European stocks are up 1.2%.

On the Dalian Commodity Exchange in China, corn futures are 10 cents lower at $10.90, and soybean futures are 30 cents lower at $25.50. On the Matif Exchange in Europe, wheat futures are 9 cents a bushel higher at $11.91.

In outside markets, crude oil is $1.50 per barrel. The U.S. stock market is higher with the Dow up 378 points.

In the livestock markets, August hogs are up $1.35 at  $105.02. August cattle are up 27 cents at $134.22, and August feeders are down $1.25 at $173.55.

For a free trial of The Kluis Report including three times a day market updates and the Saturday newsletter, visit kluiscommodities.com, call 888-345-2855, or email info@kluiscommodityadvisors.com

About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.

Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.

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