The cattle markets fizzled out to end the day but nonetheless close out a strong week. June live cattle dipped $2.25 to finish at $202.77½ while May feeders dropped $4 and settled in at $285.10
Posts
Back to ReportsMost heavily traded grain contracts at settlement...
Total inverse from yesterday, wheat up while corn and beans were down. Like I said, floating within small ranges...
May CORN: down 4¾ cents to $4.64¼
May SOYBEANS: down 3¼ cents to $10.09¾
May WHEAT: up 1 cent to $5.58¼
At midday we see prices lower in all three commodities. Not a surprise since the market is preparing for tariff talks as we look toward the weekend
The hard red winter wheat areas return to dry conditions for the next 10 days along with drought conditions returning for northern Mexico
The hot and dry conditions that Argentina has faced this season has the Buenos Aires Grain Exchange cutting the soybean production 1 million tonnes (36.7 million bushels) to 48.6 million tons. As world stocks tighten the Quarterly Stocks Report could be interesting
At the pause
Wheat prices adjusting higher this morning after yesterday's sell off. Corn and soybeans consolidating for now
May CORN: down ¾ cent to $4.68¼
May SOYBEANS: down 1¾ cents to $10.11¼
May WHEAT: up 1 cent to $5.58¼
The cattle market has been on fire recently and we will get more information later today to see if the rally can continue. The Egg production numbers should also be something to watch since the U.S. supply is short
Soybean exports to China have been 84% higher than last year at this time and we all know that Brazil will start to take the lion's share for a while since their harvest is wrapping up but don't discount the potential for a trade deal that keeps China buying from the U.S.
