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Cattle futures boosted by spot market strength Monday

Fine planting weather depressed corn futures again Monday. The grain industry expects today’s USDA Crop Progress report to indicate a major surge in corn plantings last week and thinks that will continue through this week as well. Not only does the quick planting rate imply relatively high yields if summer conditions are ‘normal,’ farmers typically plant more corn in such circumstances. Persistent futures losses reflect those ideas. July corn futures settled 1.75 cents lower at $3.6125/bushel Monday, while December lost 2.5 to $3.7775.

Markets

Wheat, corn futures dip Monday at midday

Fine planting weather is again depressing corn futures. The industry expects today’s USDA Crop Progress report to indicate a major surge in corn plantings last week and expects that to continue through this week as well. Not only does the quick planting rate imply relatively high yields if summer conditions are ‘normal,’ farmers typically plant more corn in such circumstances. Persistent futures losses reflect those ideas. July corn futures slid 1.75 cents to $3.6125/bushel just before lunchtime Monday, while December lost 2.0 to $3.7825.

Markets

Morning Farm Report: Crop prices mixed

Live cattle prices dropped Friday to $149.18 from $149.70. This 52 cent fall brought the 27-day average price to $159.66. Feeder cattle prices fared better, gaining 65 cents to hit $213.63. 

Lean hogs saw an eighteen cent fall to $81.25 on Friday. This brought the 27-day average price to $70.09.

Crop prices were mixed on Friday, with corn losing three cents to hit $3.60 and soybeans seeing a ten cent drop. However, wheat gained three cents to hit $4.70, bringing the 27-day average price to $5.04.

Markets

Soy complex turns lower Friday afternoon

Fine planting weather depressed corn futures again Friday. One might blame a portion of Friday’s corn weakness on the rebounding U.S. dollar, but resurgent equity indexes seemingly made that less likely. It’s much more probable that forecasts continually pointing to conditions conducive to rapid corn planting and a good emergence during early May undercut the crop markets. July corn futures dropped 3.25 cents to $3.63/bushel at Friday’s close, while December lost 3.25 to $3.8025.

Markets

Wheat futures under pressure Friday at midday

Fine planting weather is still depressing corn futures. One might blame a portion of Friday’s early corn weakness on the rebounding U.S. dollar, but resurgent equity indexes seemingly make that less likely. It’s much more probable that forecasts continue pointing to conditions conducive to rapid corn planting and a good emergence during early May. July corn futures dropped 4.75 cents to $3.615/bushel around midsession Friday, while December lost 5.0 to $3.785.

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