Crop markets rebounded Tuesday night

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The crop markets are bouncing from Tuesday’s lows. Outstanding crop conditions and ideal weather seemingly presage huge fall harvests across the U.S., which has sent the crop markets diving. However, a lack of overnight news and oversold conditions apparently sparked an early bounce in corn futures. September corn rose 4.5 cents to $3.785/bushel early Wednesday morning, while December added 4.25 cents to $3.86.

The soy complex has also rebounded. Prospects for a record U.S. soybean crop have recently depressed the CBOT soy complex, but signs of price firmness emerged Tuesday. That seemingly triggered the current bounce, but wire service sources also cited fresh Chinese buying for a portion of the rally. August soybean futures bounced 9.75 cents to $11.9025/bushel soon after sunrise Wednesday, while November futures surged 8.75 cents to $10.95. August soyoil gained 0.17 cents to 37.07 cents/pound, while August soymeal advanced $4.7 to $383.8/ton.

Wheat markets moved upward as well. The domestic wheat situation seems less bearish than that for corn and beans, but global wheat conditions have weighed heavily upon the American market. Still, prices rose in concert with the other crops overnight. News that sellers didn’t respond to a Japanese tender for feed wheat may have sparked some buying. September CBOT wheat climbed 2.25 cents to $5.40/bushel Tuesday night, while September KC wheat edged up 2.25 cents to $6.4125/bushel, and September MWE wheat moved 2.75 cents higher to $6.3325/bushel.

Wholesale weakness is weighing on cattle futures. Cattle and beef prices have soared recently, but the industry clearly expects a sizeable mid-to-late summer setback. Thus, Tuesday afternoon news of declining wholesale values seemingly confirmed that bias and undercut CME futures. August live cattle slid 0.47 cents to 148.10 cents/pound as Wednesday dawned over Chicago, while December dipped 0.27 cents to 152.22. Meanwhile, August feeder cattle tumbled 0.90 cents to 210.62 cents/pound, and October dove 1.27 to 210.50.

Mixed cash and wholesale shifts have stalled CME hog moves. Cash hog prices were stated modestly lower Tuesday afternoon, whereas pork quotes came in slightly higher. Thus, it wasn’t terribly surprising to see CME swine futures trade narrowly mixed overnight. August hog futures were unchanged at 130.72 cents/pound early Wednesday morning, while December sank 0.30 cents to 104.40 cents.

`Cotton futures followed its crop counterparts higher. No news concerning cotton emerged Tuesday night, thereby opening the door to other influences. Thus, the grain and soy markets seem to leading fiber prices higher. Ongoing equity market strength signaling continued economic growth and firm demand may also be playing a role in the bounce. December cotton vaulted 0.61 cents to 68.36 cents per pound in early Wednesday trading, March gained 0.66 cents to 69.20 cents/lb.

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