Corn Follows Energy Markets Higher

Tuesday Jun 9th, 2020 147 Views

Tim Hammerich

News Reporter

Here with your Market Line Commodity Report, I’m Tim Hammerich.

The corn market seems unfazed by the fact that planting has gone so well and seems to be following the energy markets upward. Here’s Virginia McGathey with more.

McGathey… “This week normally is when the seasonal high get set in for the grain markets. It's something to watch. Corn is on the rise today. I think there's been a steady follow through over and over. And we did really just break out of that channel of that $3.30 mark. So we need a little more follow through buying to see if the market can continue to move higher. Now wheat did fall today. Yet again, those global supplies are really plentiful. There really just hasn't been any traction above that $5.30 number. The feed demand is going to be down 4% across the world. That's really a pretty big number and that's going to take some real heavy lifting to get this market to move any higher.”

In closing markets:

Chicago July Wheat futures yesterday closed down $ 0.03 ½ to $5.11 ½.

Kansas City Hard Red Winter Wheat down just a half cent to $4.60 ½.

July Corn closed up $0.02 ½ to $3.33 ½.

Live Cattle futures were up $0.15 on the August board to $96.32 ½. Feeder Cattle for August dropped $1.10 to $133.07 ½.

What an impressive month for class III milk. Up again yesterday $0.27 to $20.14.