Corn futures couldn’t sustain their Monday night bounce. The lack of change in corn ratings on Monday’s USDA Crop Progress report seemed to spark a technical rebound last night. However, bulls couldn’t sustain the rise, which probably reflected great growing conditions across the Corn Belt. Tweets from the Doane crop tour may be encouraging bears. September corn dipped 2.5 cents to $3.615/bushel late Tuesday morning, while December skidded 2.75 cents to $3.6925.
Export news is supporting the soy complex. Soybeans and products also rallied in overnight trading. Those gains were reinforced when the USDA reported sizeable meal and oil sales this morning. New-crop prices weakened somewhat, whereas the talk of improved demand seemed to support old-crop beans and meal (while oil suffered from its position on the opposite side of crush spreads. August soybean futures surged 14.0 cents to $11.8975/bushel around midsession Tuesday, while November futures slipped 1.0 to $10.705. August soyoil inched 0.04 cents lower to 36.10 cents/pound, and August soymeal advanced $4.5 to $385.2/ton.
The wheat markets followed corn lower Tuesday morning. The Crop Progress report held few surprises. Otherwise, wheat news is rather sparse. That has seemingly opened the door to outside influences, particularly from the corn market, since diving corn costs undercut wheat usage as feed. September CBOT wheat slumped 3.0 cents to $5.27/bushel as the lunch hour loomed Tuesday, while September KC wheat sank 4.5 cents to $6.235/bushel, and September MWE wheat sagged 2.0 cents to $6.2125.
Wholesale strength continues boosting CME cattle. The cattle and beef complex is once again confounding widespread expectations of seasonal weakness. Indeed, Monday’s strong wholesale gains seemingly persuaded traders that cash cattle prices will remain firm and possibly rise this week. August live cattle soared 2.40 cents to 155.35 cents/pound in late Tuesday morning trading, while December leapt 1.65 cents to 157.00. Meanwhile, August and October feeders spiked the 3.0-cent daily limit to 216.02 and 216.90 cents/pound, respectively.
CME hogs seemed to bounce from technical support Tuesday morning. The cash hog markets declined Monday, while pork cutouts dove; those data almost surely sparked the follow-through selling seen last night. However, futures have reached sizeable discounts to the CME index, which seemingly enabled them to find support and rebound from technical support. August hog futures advanced 1.37 cents to 126.47 cents/pound just before lunchtime Tuesday, while December added 0.42 cents to 104.32.