Corn futures were steady to 5 cents higher overnight. In trade news South Korea’s largest feed manufacturer bought 3 corn cargoes from the Black Sea and Brazil for delivery this fall. South Korea has traditionally bought mostly U.S. corn. U.S. crop condition ratings improved last week with good to excellent up 2 points to 67%, in line with the long-term average. Weather forecasts remain favorable. Futures are slightly higher so far today after steep losses over the past nearly two weeks. September futures are 0.25 cents higher to $5.3175/bushel early Tuesday, while December is 2 cents higher to $5.0325.
The soybean futures rallied in concert with corn Tuesday morning. The soy complex was under pressure Monday night, with traders talking about beneficial weather across the Corn Belt. USDA’s weekly Crop Progress report stated the soybean good-to-excellent condition up 2% versus 65% last week and 45% the previous year. August soybean futures jumped 2.25 cents up to $14.385/bushel. August soybean meal ascended $2.00 to $434.9/ton, but August soyoil descended 0.18 cents to 46.64 cents/pound, November soybean prices dropped 8.5 cents to $12.4975 /bushel.
The behind winter wheat harvest apparently boosted wheat futures Tuesday morning. That is, the weekly USDA Crop Progress report mentioned the U.S. winter wheat harvest as being 43% completed, whereas the five-year average has reached 52% by this time. Strength in the other grains also probably sparked some buying in wheat as well. September CBOT wheat advanced 9.75 cents to $6.6475/bushel, while September MGE wheat futures jumped 5.5 cents to $7.77/bushel, while September KCBT wheat increased 9 cents to $6.9975/ bushel.
Cattle futures are 12 to 27 points higher. Futures continued to garner strength from speculative buying. Futures have made a decisive turn higher from the lows in May/June. August has consolidated the past few sessions, but is holding just below last week’s high at 123.12. Near-term futures gains may be held in check by lower beef prices and the cash market. Both choice and select beef was lower on Monday. Cash prices have yet to trade this week. Packers will be buying for a full slaughter schedule next week. August cattle are 0.25 cents higher to 122.42 cents/pound in electronic trade, while December is 0.07 cents higher at 126.20. Feeder cattle futures are also higher; the August contract is up .45cents to 151.70 cents/pound and November is .45 cents higher to 153.77.
hogs - 07/02/2013 06:58:01
Hogs futures moved lower on Tuesday early morning. Although Monday’s slaughter was higher than a week ago, the rebound in the grain market probably worried some of the traders. Seasonal history and declining cash prices may pressure hogs for the short-term. August hog futures dipped 0.3 cents to 96.7 cents/pound Monday, while the December contract declined 0.2 cent to 82.3 cents/pound.