Corn Futures Jump to Four-Week High
Corn: July corn futures rose 14 1/4 cents to $7.88 1/4, the contract’s highest closing price since May 17, while December corn rose 14 cents to $7.35. Prices climbed amid concern over extreme Midwest heat that may stress recently-planted crops. Temperatures climbed near 100 degrees Fahrenheit much of the region this week and another heat wave is coming next week.
Soybeans: July soybeans rose 15 3/4 cents to $17.09 1/2, while November soybeans rose 19 3/4 cents to $15.43 1/4. July soymeal surged $12.20 to $429.70. July soyoil fell 133 points to 76.34 cents, a two-month low. Soybeans were supported by corrective buying following declines the previous four sessions and concern that extreme heat in the Midwest could hamper crop development.
Wheat: July SRW wheat rose 28 1/4 cents to $10.78 1/4. July HRW wheat rose 15 1/4 cents to $11.48 1/2. July spring wheat rose 7 3/4 cents to $12.09. Wheat futures were lifted by solid gains in corn and sharp weakness in the U.S. dollar.
Cattle: August live cattle fell 50 cents to $136.30. August feeders tumbled $1.975 to $171.30. Nearby live cattle were supported by cash strength and concern extreme heat in the Plains will tighten supplies of market-ready animals. Choice beef cutout values fell $1.02 early today to $267.20.
Hogs: July lean hogs surged $1.30 to $109.575, a two-week high. Futures rose behind cash and wholesale market strength, as pork cutout values jumped $4.04 early today to $108.83. The CME Lean Hog index, already at a 10-month high at $108.57, is expected to rise another 18 cents Friday.
