Cattle Rally to 6-Week Closing High

Corn, soybean & wheat action
Corn, soybean & wheat action
(Commodity Update)

Corn: July corn futures rose 7 1/2 cents to $7.64 1/2, the contract’s highest closing price since May 27, while December corn rose 3 3/4 cents to $7.17 3/4. Corn futures rose for a third consecutive day on support from firm cash markets, ongoing concern over tight global supplies and optimism over demand. USDA, in Friday’s monthly Supply and Demand update, is expected to slightly reduce its estimate for U.S. corn supplies at the end of the 2022-23 marketing year.

Soybeans: July soybeans rose 11 3/4 cents to $17.40 after posting a contract high. July soymeal fell $1.80 to $415.60. July soyoil rose 150 points to 82.94 cents. Soybeans futures extended recent gains behind strength crude oil, bullish demand fundamentals and concerns over delayed planting in the northern Midwest.

Wheat: July SRW wheat rose 3 cents to $10.74 3/4. July HRW wheat rose 5 3/4 cents to $11.55. July spring wheat rallied 7 1/4 cents to $12.34 1/2. Wheat futures markets were supported by strength in corn and soybeans and skepticism whether Russia would allow a resumption of grain shipments from Ukraine.

Cattle: August cattle rallied $3.40 to $137.525, a six-week closing high. August feeders surged $3.20 to $175.65. Cattle futures rose sharply amid signs a four-week slide in cash prices may be ending. Sources reported cash trading about $1.00 above week-ago levels in primary feedlot areas.

Hogs: July lean hogs fell $1.325 to $107.95, the contract’s lowest closing price since May 25, while August hogs fell $1.20 to $105.90. Hog futures tumbled to two-week lows on eroding chart patterns and signs recent cash market strength may be topping out.

 

Latest News

Grains Try to Recover Midday with Reversal in Outside Markets:  Live Cattle Mixed with Bullish Cattle Inventory Expectations
Grains Try to Recover Midday with Reversal in Outside Markets: Live Cattle Mixed with Bullish Cattle Inventory Expectations

Grains try to recover midday with help from the reversal in outside markets. LC mixed with bullish hopes for the USDA Cattle Inventory Report.  Hogs lower. Scott Varilek of Kooima Kooima Varilek has details.  

Grains Start Higher on Weather Concerns in Argentina and HRW Areas, Then Corn Fails: Cattle Higher with $1 Better Southern Cash Friday
Grains Start Higher on Weather Concerns in Argentina and HRW Areas, Then Corn Fails: Cattle Higher with $1 Better Southern Cash Friday

Grains higher early with technical buying and a drier Argentina weather concerns. Cattle higher with $1 higher cash on Friday. Hogs back lower.  Michelle Rook has a quick update.  

Today's Market Recap (1.20.23)
Today's Market Recap (1.20.23)

Market recaps for corn, soybeans, wheat, cattle & hogs.

Improving Argentine Weather Forecasts Weigh on Grain, Soy
Improving Argentine Weather Forecasts Weigh on Grain, Soy

Forecasts of improving weather in Argentina over the next two weeks weighed on the grain and soy complex.

Corn, Soybeans & Wheat Prices Fall; Cattle Mixed
Corn, Soybeans & Wheat Prices Fall; Cattle Mixed

Today's closing prices and market recaps.

Morning Calls & Comments (1.13.23)
Morning Calls & Comments (1.13.23)

Soybeans faced light profit-taking pressure at the end of the overnight session, which is likely to spill over into the start of daytime trade.