Crop Prices Update: Corn Down, Soybeans Up

July corn ended the day down 6¾¢ at $4.83¼ per bushel, while July soybeans closed up 4½¢ at $10.46 per bushel. In contrast, wheat contracts closed lower, with CBOT wheat down 2¢ at $5.50¼ per bushel, KC wheat down 5½¢ at $5.58¼, and Minneapolis wheat down 3¾¢ at $6.10¼.

According to the Grain Market Insider newsletter by Stewart-Peterson Inc., selling pressure hit the corn market on Tuesday due to faster-than-expected planting progress, leading to a drop in both old- and new-crop contracts. July corn futures closed at their lowest level since April 10, signaling further weakness in the market.

On the livestock front, June live cattle, August feeder cattle, and June lean hogs all ended the day higher by more than $2. June crude oil was up 76¢ at $63.17 per barrel, and the U.S. Dollar Index June contract was up to 98.39. Additionally, June S&P 500 futures were up 59 points, while June Dow futures were up 420 points.

Corn Down More Than 3¢: 9:28 a.m. CT

Just past 8:30 a.m. CT, July corn was down 3¼¢ at $4.86¾ per bushel, with July soybeans up 4¼¢ at $10.45¾ per bushel. Wheat contracts also saw losses, with CBOT wheat down 5¾¢ at $5.46½ per bushel, KC wheat down 3¼¢ at $5.60½, and Minneapolis wheat down 3¢ at $6.11.

Yesterday, the USDA released the weekly Crop Progress report, showing that corn and soybean planting progress in the leading states was ahead of the five-year average for both crops. This positive report may have influenced market movements and prices.

Overall, the agricultural commodity markets continue to show volatility and respond to various factors like planting progress, weather conditions, and global demand. Stay tuned for more updates on crop prices and market trends.

Published: 4:37 p.m. CT | Updated: 9:28 a.m. CT