Soybeans Close in the Green

Tuesday, July 4, 2023

The soybean market roared higher today, posting new highs for 2023 with the nearby July contract trading at the highest price since August 2022. September and December corn held key support at the May lows, and a possible double bottom is now in place on my chart.

At the close, July corn is up 2 ¾¢ and December is down 1 ¼¢. July soybeans closed 5¢ higher and November soybeans are up 10¢. Wheat futures were 6¢ to 8¢ lower.

The weather looks favorable for next week. It will be interesting to see what USDA uses for corn and soybean yields in the July 12 reports.

August feeder cattle closed up 32¢ at $247.90. August live cattle closed down 32¢ at $176.82. July lean hogs closed up $2.17 at $97.78.

The U.S. dollar is up 7 points today. Crude oil, after starting higher, is now down 58¢ per barrel.

No grain markets tonight or tomorrow. The grain and stock markets open at 8:30 a.m. CDT on Wednesday, July 5.

2:30 p.m. CDT

July soybeans putting in new highs for the year: 11:20 a.m. CDT At this time, September corn is up 4¢. August soybeans are now 43¢ higher and November soybeans are up 26¢. Wheat futures are a penny lower on the CBOT market and 18¢ higher on the KC market.

My charts show July soybeans making new highs for 2023 and September corn putting in a possible double bottom with the low posted in mid-May. Wheat usually bottoms this time of year, right around July 4, and the chart action is starting to turn positive.

The trade is looking for corn and soybean ratings to be steady to 2% lower and for spring wheat ratings to be higher in this afternoon’s USDA Crop Progress report.

Livestock futures are mixed. August feeder cattle are down 82¢ at $246.65. August live cattle are down 95¢ at $176.22. July lean hogs are up $1.62 at $97.30.

The stock market has traded on both sides. The Dow was down 100 points earlier but is now 36 points higher. The U.S. dollar is up 13 points today, after moving lower last week. After a higher start, crude oil is now down $1.28 per barrel.

Source: agriculture.com