Corn and Soybeans Rally

grains recap
grains recap
(Commodity Update)

Corn: July corn futures rose 14 1/2 cents to $7.57. December corn rose 11 1/2 cents to $7.14. Corn futures climbed on short-covering and bargain hunting in the wake of last week’s declines, supported also by firm cash markets. USDA, its first condition ratings, rated the crop 73% “good” or “excellent,” up from 72% in those categories a year ago and about 5 percentage points above expectations.

Soybeans: July soybeans rallied 29 cents to $17.28 1/4 and November futures rose 16 1/4 cents to $15.49 3/4. August soymeal gained $8.50 to $409.80. August soyoil rose 11 points to 79.60 cents. Soybeans gained on active fund buying, a firm cash market and bullish demand news. Official Census Bureau soybean export data for April came in stronger than USDA data implied.

Wheat: July SRW wheat fell 21 1/4 cents to $10.71 3/4 and July HRW futures fell 20 3/4 cents to $11.49 1/4. Profit-taking forced wheat futures to give back a part of Monday’s sharp rally, with pressure also stemming from greater optimism for a restarting of Ukrainian grain exports amid reports Russia said two of the major ports were open for shipments.

Cattle: August live cattle rose $1.225 to $134.125 and August feeders rose 47.5 cents to $172.45. Live cattle rose as recent strength in wholesale beef stirred hopes the cash market will break a four-week slide. Choice beef cutout values rose $2.12 early today to $271.70, the highest since mid-April.

Hogs: July lean hogs rose 30 cents to $109.275. Hog futures stabilized after two straight weaker sessions with support from strong cash fundamentals. The CME lean hog index rose $1.29 to $107.34 (as of June 3), the highest price since last August, and the next quote is expected to gain another 46 cents.

 

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.