Corn futures finished lower Thursday. The market fell today as favorable rains scattered across much of the U.S. Midwest. A few areas are worried about too much rain, but in general it should be beneficial for crop during pollination as temperatures are expected to cool off a little. Limiting gains was this morning’s weekly export report which was below expectations at 13.0 million bushels and shipments came in at 39.6 million bushels. September was 9 1/4 cents lower at $6.82 1/4 and December was 5 1/4 cents lower at $6.86 1/4.
Soybean futures settled lower Thursday. Improving weather across the Midwest sent prices lower today. Light rain and cooler temperatures will be especially critical timing for soybeans as we head into August, though there is still some apprehension about yield potential. Poor crush margins are also bearish for the market. This morning’s weekly export report was disappointing with sales of 387,000 bushels and shipments of only 7.2 million bushels. August was 8 cents lower at $13.67 3/4 and November was 9 cents lower at $13.71 1/2.
Wheat futures closed lower Thursday. Midday selling and another sell-off ahead of the close left wheat in the negative today. Short-covering is boosting prices this morning. News from the International Grain Council that they were raising their global wheat production forecast by 8 million tonnes was bearish for the market. The Wheat Quality Council’s crop tour raised its yield estimates after Wednesday’s findings, unlike Tuesday when yields were lower. Weekly sales of 17.4 million bushels and shipments of 20.7 million bushels were at the high end of trade estimates. CBOT Sep was 11 1/2 cents lower at $6.93 1/4, KCBT Sep was 4 3/4 cents lower at $7.83 1/2 and MGE was 4 1/4 cents lower at $8.46 3/4.
Cattle futures closed higher Thursday. Futures turned back higher midday supported by the forecast for cooler temperatures, which should boost demand as consumers will be more likely to light up the grill when it is not stiflingly hot. The cash cattle market remained quiet, with neither buyers nor sellers willing to budge on their prices yet. Packers will need to fill their slaughter needs tomorrow though. August was 55 cents higher at $111.63 and October was 70 cents higher at $116.15.
Hog futures settled higher Thursday. The market moved higher as the hot weather has caused production problems in the Midwest, leaving production below expectations. The lower hog weights are raising the number of hogs that have to be slaughtered to fill needs. This has also led to a record jump in cutout values. August was 55 cents higher at $102.48 and October was $1.03 higher at $92.45.