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 settled 3.75 cents lower at $3.6025/bushel Tuesday, while December dipped 3.75 cents to $3.6825.
Export news supported nearby soy futures, but weather depressed the deferreds. Soybeans and products also rallied Monday night. Those gains were reinforced when the USDA reported sizeable meal and oil sales this morning. But new-crop prices slowly moved lower in apparent response to gorgeous Corn Belt weather and prospects of a massive fall harvest. August soybean futures ended Tuesday 8.25 cents higher, at $11.84/bushel, while November futures fell 13.75 to $10.5775. August soyoil dropped 0.21 cents lower to 35.93 cents/pound, whereas August soymeal rose $1.1 to $381.8/ton.
The wheat markets followed corn lower. Monday’s Crop Progress report held few surprises. Otherwise, wheat news was rather sparse Tuesday, which seemingly opened the door to outside influences, particularly from the corn market. That is, diving corn costs undercut wheat usage as feed. September CBOT wheat slumped 5.5 cents to $5.245/bushel as Tuesday’s trading ended, while September KC wheat sank 6.75 cents to $6.2125/bushel, and September MWE wheat sagged 4.50 cents to $6.1875.
Wholesale strength continued boosted CME cattle. The cattle and beef complex once again confounded widespread expectations of seasonal weakness. Monday’s strong wholesale gain and today’s big follow-through seemingly persuaded traders that cash cattle prices will remain firm and possibly rise this week. August live cattle soared 3.00 cents to 155.95 cents/pound at their Tuesday settlement, while December leapt 2.57 cents to 157.92. 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. The cash hog markets declined Monday, while pork cutouts dove; those data almost surely sparked the follow-through selling seen last night. However, futures had reached sharp discounts to the CME index, which seemingly enabled them to find support and follow cattle futures higher. August hog futures surged 2.47 cents to 127.57 cents/pound late Tuesday afternoon, while December added 0.60 cents to 104.50.