Ag markets mixed again Tuesday

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Harvest news reportedly depressed corn futures Tuesday. Although corn futures benefited from strength spilling over from the soybean and wheat pits in early trading, prices turned decidedly lower later. Talk that the corn harvest is accelerating and yields are topping expectations reportedly sent prices downward by late morning. December corn futures fell 7.5 cents to $4.4175/bushel at Tuesday’s close, while May dropped 7.0 cents to $4.6275.

Soybeans also fell despite supportive developments. Wire service reports indicated that country soybean values were steady-firm Tuesday morning. In addition, the soyoil market got a major boost from rising Asian palm oil quotes. Nevertheless, soybeans and meal lost significant ground, thereby seeming to reflect harvest pressure as well. November soybeans dove 7.75 cents to $12.8875/bushel in late Tuesday action, whereas December soyoil bounced 0.53 cents to 40.43 cents/pound, and December soymeal tumbled $5.8 to $414.9/ton.

Wheat futures turned mixed around midsession Tuesday. The KC and Minneapolis markets continued their recent advance, but Chicago prices were slightly lower. The same supply and demand issues powering the late rally are still in place, so we are almost forced to think that the failure of a large soft wheat tender from Morocco undercut the CBOT market; wire service sources cited technical resistance. December CBOT wheat settled 1.25 cents lower at $6.935 bushel Tuesday afternoon, while December KCBT wheat gained 4.0 cents to $7.605, and December MGE futures added 3.0 cents to $7.5325.

Cattle futures turned mixed Tuesday afternoon. Few delivery were posted again expiring October cattle futures Monday evening (first notice day), which encouraged CME traders. The sizeable October premium appeared attractive to producers, so the lack of deliveries suggests they’re quite optimistic about the likely outcome of this week’s cash trading. However, deferred futures declined on the day. December cattle futures edged up 0.02 cents to 132.32 at the close, but April skidded 0.05 cents to 135.07. Meanwhile, November feeder cattle jumped 0.85 cents to 166.32 cents/pound, and January surged 0.80 to 166.57.

Hog traders appeared ambivalent about market direction Tuesday. News of a salmonella outbreak in California chicken may have supported hog futures today, since consumers may switch to pork in response. However, the generally uncertain environment, especially when the lack of USDA data is considered, apparently limited traders’ willingness to take on risk. December hog futures rallied 0.33 cents to 88.20 cents/pound in late Tuesday trading, while April was steady at 90.55.

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