Corn futures gave back after its short-covering bounce on Tuesday morning. Price pressures were still due to the recent ideal corn growing weather in the U.S. Corn Belt. No deliveries and tight supply were a boost for the old crop prices. Although the weekly good-to-excellent corn condition gained only at 2% to 67%, it was a substantial improvement compared to 48% at this time last year. September corn futures prices skidded 3.75 cents to $5.2775 per bushel in Tuesday morning trading, while December corn descended 2.25 cents to $4.99 per bushel.
The soybean futures were mixed on Tuesday morning. With the recent great growing weather, USDA’s Monday Crop Progress and Condition report held very few surprises for soybean traders. A steady improvement in soybean conditions to 67% good-excellent versus 65% last week met people’s expectations. Tightness of old crops and no deliveries apparently buoyed the market. China planned to increase its oilseed imports due to anticipation of poor harvests that might trigger some buying as well. August soybean futures dipped 2 cents to $14.3425/bushel. August soyoil descended 0.27cents to 46.55 cents/pound, but August soybean meal ascended $1.7 to $434.6/ton, November soybean prices dropped 2 cents to $12.4125 /bushel.
Wheat began the day firmly and benefited from the news about wheat seeking from Egypt. USDA weekly Crop Progress report showed the U.S. winter wheat harvest at just 43% complete last weekend. That was far behind the five-year mean at 52% complete. In addition, the report mentioned spring wheat condition at 68% good to excellent, which was lower from the 70% result released last week. September CBOT wheat advanced 2.5 cents to $6.575/bushel, while September KCBT wheat increased 1 cent to $6.9175/ bushel, while September MGE wheat futures dropped 0.25 cents to $7.7125/bushel.
Cattle futures have turned lower after trading higher during the overnight trade and at the opening of the day session. Futures have eased slightly, but remain in a near-term consolidation mode. Overall, the futures chart picture looks fairly positive, suggesting further gains ahead. August is holding just below last week’s high at 123.12. However, near-term futures gains may be held in check by lower beef prices and the cash market. It’s uncertain whether cash cattle will trade this week ahead of or after the July 4th holiday. Packers will be buying for a full slaughter schedule next week. August cattle are 0.12 cents lower to 122.05 cents/pound, while October is 0.32 cents lower at 125.80. Feeder cattle futures are also lower. The August contract is 0.25 cents lower to 150.97 cents/pound and September is 0.25 cents lower to 153.07.
Hogs futures moved slightly lower on Tuesday morning. National Daily Hog and Pork report boosted the daily hog slaughter projection before the coming holiday. However, seasonal weakness was still tending to depress the hog and pork complex over the short term. August hog futures dipped 0.475 cents to 96.525 cents/pound Monday, while the December contract declined 0.75 cent to 81.75 cents/pound.