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Markets

Wheat ends Thursday on a mixed note

Traders seemingly thought Wednesday’s grain losses were overdone today. Corn and wheat futures tumbled yesterday in apparent response to forecasts for drier weather next week, with the yellow grain decline putting the market at its lowest levels since last October. Talk of firm spot quotes as farmers work fields and ignore old-crop sales seemed to spark renewed bullishness. July corn futures rallied 4.0 cents to $3.535/bushel at Thursday’s close, while December added 3.25 to $3.70.

Markets

Soy complex mixed Thursday morning

Traders seemingly think Wednesday’s grain losses were overdone. Corn and wheat futures tumbled yesterday in apparent response to forecasts for drier weather next week, with the yellow grain drop putting the market at its lowest levels since last October. Talk of firm spot quotes as farmers work fields and ignore old crop sales seemed to spark renewed bullishness. July corn futures rose 3.0 cents to $3.525/bushel late Thursday morning, while December added 2.25 to $3.69.

Markets

USDA data weighs on grain markets

USDA data is weighing on the grain markets. Tuesday’s belated release of the weekly USDA Crop Progress report likely spurred overnight selling; that apparently continued this morning. Not only did the report indicate corn plantings still ahead of normal, the initial corn condition rating at 74% good-to-excellent was better than normal. The market may also be suffering from follow-through selling in the wake of yesterday’s dollar-driven drop. Traders cited dollar strength for midday losses.

Markets

Q2 hog slaughter higher than expected

USDA adjusted second-quarter estimated commercial hog slaughter to account for higher than expected weekly hog slaughter in April and early May. While typical seasonal patterns are expected to prevail in May and June, slaughter numbers will likely be higher than initially forecast.

Markets

Morning Farm Report: Crop prices drop

Live cattle prices saw a dip on Tuesday, falling 33 cents to hit $151.80. The 27-day average now rests at $153.57. Feeder cattle prices did better, rising 60 cents to hit $219.60. The rise brought the 27-day average price to $216.33.

Lean hog prices fell 55 cents to $83.18 on Tuesday to bring the 27-day average price to $81.85. 

Wheat prices saw a steep drop of 21 cents, falling to $4.94. Corn also fell five cents.

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