New-Crop Soybeans Extend Rally
Corn: December corn fell 5 1/2 cents to $6.53 3/4. New-crop contracts slipped ahead of USDA’s Acreage and quarterly Grain Stocks reports tomorrow. USDA’s is expected to raise its forecast for U.S. corn plantings by about 370,000 acres, to 89.86 million, based on a Reuters survey of analysts. June 1 corn stocks were expected at 4.343 billion bu., up 232 million bu. from a year earlier.
Soybeans: November soybeans rose 15 3/4 cents to $14.78 1/4, the contract’s highest closing price since $15.10 1/2 on June 21. August soymeal rose $9.60 to $429.30, a two-month closing high. August soyoil rose 50 points to 69.50 cents. USDA is expected lower its estimate for 2022 U.S. soybean plantings to about 90.45 million ac., down 509,000 acres from a March forecast.
Wheat: September SRW wheat fell 6 cents to $9.30 and September HRW wheat rose 1 cent at $9.91 1/4. September spring wheat tumbled 12 1/4 cents to $10.28 1/2. Analysts expect USDA to lower its forecast for U.S. all wheat seedings to 47.017 million ac. from 47.351 million ac. in its March forecast.
Cattle: August live cattle sank 55 cents to $132.175, the contract’s lowest closing price since May 31, while August feeder futures sagged $1.10 to $170.725. Cattle took further pressure as weakness in wholesale beef prices and slumping U.S. stocks fueled concern over demand
Hogs: August lean hogs fell 25 cents to $103.575. Hog futures continued to slip amid ideas the cash market is near a peak. The next CME lean hog index quote is expected to fall 40 cents to $111.24, down from a 10-month high.