Corn: French feed wheat news undercut the crop markets Tuesday. Wire services reported around midmorning that a 45,000-tonne cargo of French feed wheat is being loaded for shipment to the U.S. That news seemingly exaggerated the early weakness exhibited by the corn market, since feed wheat competes with corn in livestock rations. December corn futures sank 5.5 cents to $3.72/bushel in late Tuesday trading, while May lost 5.25 to $3.9375.
Soybeans: Beans and meal also proved rather weak. Today’s news seemed supportive of the soy complex once again, with the USDA reporting the sale of 100,607 tonnes to an unknown destination and palm oil prices having risen overnight. However, beans and meal turned lower with the grain markets. The drop may simply have reflected another decline in spot bids. January soybean futures fell 13.0 cents to $10.2325/bushel at Tuesday’s close, while December soyoil rallied 0.20 cents to 32.65 cents/pound, and December meal tumbled $9.1 to $378.0/ton.
Wheat: The French news probably weighed on the wheat markets as well. The fact that France can profitably ship feed wheat to the U.S. suggests American grain is overpriced by global standards, which in turn implies dim export prospects during the coming weeks and months. Such considerations appeared to depress wheat futures today. December CBOT wheat ended Tuesday having slumped 2.75 cents to $5.49/bushel, while December KC wheat sagged 3.0 cents to $5.935/bushel, and December MWE wheat dropped 5.0 to $5.785.
Cattle: Cattle futures moved mostly higher Tuesday. Having cash cattle prices hit record highs last week and beef prices surge yesterday had boosted nearby cattle futures. The market apparently struggled around midday, but later edged generally higher. Fundamentals and the chilly weather seem bullish. December live cattle futures slipped 0.17 cents at 170.82 cents/pound as Tuesday’s CME session ended, while April futures rose 0.27 to 170.00. Meanwhile, January feeder cattle futures dipped 0.20 cents to 237.27 cents/pound, and March feeders stumbled 0.05 to 235.60.
Hogs: Talk of weak wholesale prices apparently triggered hog selling. Ideas that frigid weather will limit supplies and seasonal demand would boost pork quotes had supported hog futures lately. However, cutouts were mixed at best Monday turned decidedly lower today, which reportedly triggered aggressive selling of CME hogs. December hog futures plunged 1.45 cents to 91.55 cents/pound in late Tuesday trading, while April hogs dove 1.15 to 92.95.