Corn Hit Hard by Bearish Elements
Corn: The corn futures market was hit hard by a bevy of bearish elements today that sent the bulls reeling and gave the speculative bears renewed confidence to try to press prices even lower in the near term. Corn prices early today were already under pressure from a strong U.S. dollar index that again today hit a 20-year high and by Nymex crude oil futures dropping close to $8.00 a barrel.
Soybeans: Pressure from outside markets and pre-report positioning loomed over the soy complex overnight into the open. The Early morning session found the U.S Dollar making a second consecutive attempt at new 20-year highs, while crude oil futures plummeted below $100 per barrel.
Wheat: Overnight trade found the wheat complex trading lower as the U.S. Dollar made a new 20-year high. Continued negativity persisted into the open on pre-report positioning and headlines of a meeting between Turkey, Russia, Ukraine, and U.N. to discuss grain exports.
Cattle: The cash cattle markets started the week on a firm note, with just a few steers, likely in the northern areas, reportedly changing hands at $145.88. That’s well above last week’s five-area average at $144.35.
Hogs: Seasonally tight supplies still seem to be supporting the cash hog market, as indicated by Friday’s official hog index surge to $111.77 and by Monday’s preliminary index figure at $112.56, up another 79 cents. July futures expires at noon Friday.
