Corn futures posted a mixed showing Tuesday. Cash basis bids were higher. There were no deliveries. Improved crop condition ratings from USDA’s Monday report triggered some selling in the market. Limited export demand also mitigated the upward actions. Many traders might feel disappointed by the news of South Korea’s purchase of 55000 tonnes corn from other places instead of U.S. September corn futures prices climbed 1.5 cents to $5.33 per bushel, while December corn jumped 1.5 cents to $5.0275 per bushel.
The soybean futures acted similarly as their counterparts in Tuesday. Talk of China planning to import more oilseed supported the soybean future contract. Tightness of old crops and no deliveries also reinforced some additional buying. However, great growing condition due to recent weather forecast implied a good harvest in the fall, which added downward pressure to the market. August soybean sagged 2.75 cents to $14.335/bushel, while August soyoil inched 0.01 cents up to 46.83 cents/pound, and August soybean meal remained unchanged at $432.9/ton. November soybean prices dropped 0.75 cents to $12.425/bushel.
Wheat proved surprisingly firm all day despite selling bouts of corn and soybeans. Concerns about the slow pace of the winter wheat harvest offered support to wheat futures contracts. But a surprising lower spring wheat condition rating at 68% versus 70% a week ago seemed to support the markets. September CBOT wheat advanced 3.25 cents to $6.5825/bushel, but September MGE wheat futures dropped 0.75 cents to $7.7075/bushel and September KCBT wheat remained unchanged at $6.9075/bushel.
Cattle futures closed lower on Tuesday, but the consolidation pattern remains intact. 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 settled 0.27 cents lower to 121.90 cents/pound, while October closed 0.20 cents lower at 125.92. Feeder cattle futures were also lower. The August contract was 0.32 cents lower to 150.90 cents/pound.
Hogs futures closed lower on Tuesday. Although increased slaughters were expected due to the holiday, most packers had adequate supplies ahead of holiday market closures. Lower cash prices probably also demonstrated the seasonal weakness. August hog futures dipped 0.375 cents to 96.625 cents/pound Tuesday, while the December contract dropped 0.5 cent to 82.00 cents/pound.