Soybeans Fade From Gains

grain recaps
grain recaps
(Commodity Update)

Corn: July corn gained 7 1/2 cents to $7.86 1/4. December corn rose 7 cents to $7.39. Futures benefited from corrective buying and spillover from gains in wheat. U.S. corn planting progress last week exceeded expectations, with an estimated 72% of the crop seeded as of Sunday, up from 49% a week earlier and under the 79% average of the previous five years. 

Soybeans: July soybeans fell 18 1/4 cents to $16.87, after posting a four-week high at $17.20 earlier. July soymeal fell $7.40 to $422.50. July soyoil fell 46 points to 80.47 cents. Nearby soybeans faded from overnight gains on pressure from soymeal weakness and fund-driven profit-taking. Late today, USDA reported the U.S. soybean crop was 50% planted as of Sunday, up from 30% a week earlier but behind the 55% five-year average.

Wheat: July SRW wheat rose 21 1/4 cents to $11.90. July HRW wheat rose 23 3/4 cents to $12.76 1/2. July spring wheat futures rose 19 1/2 cents to $12.98 1/2. Wheat futures posted a corrective rebound following sharp losses during the second half of last week. USDA-reported crop conditions improved slightly the past week, with the good-to-excellent rating rising to 28% from 27% and poor-to-very-poor falling to 40% from 41%.

Cattle: August live cattle rose $1.425 to $132.975, up from an early drop to a 6 1/2-month low and the contract’s highest closing price since May 17. August feeder cattle rose $1.70 to $165.625. Bearish USDA Cattle on Feed numbers initially pressured live cattle, but the market recovered in part behind strength in hog futures and in wholesale beef.

Hogs: June lean hog futures rose $1.50 at $110.375, while July hogs rose $1.85 at $110.85, a three-week closing high. Futures extended last week’s rally on followthrough buying fueled by firming cash benchmarks and beliefs the market has started a delayed seasonal rally. The CME lean hog index rose 80 cents to $101.17 (as of May 19), the third straight daily gain and near a two-week high.

 

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.