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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.

Markets

Soy complex turned lower Friday

US dollar strength once again weighed on the commodity sector Friday. A relatively high reading for Core-CPI on a Friday morning report sent the U.S. dollar higher, which in turn undercut the commodity markets. Actually, it wasn’t terribly surprising to see the corn setback, since the market had risen rather significantly lately despite generally bearish fundamentals, especially with the long weekend looming. July corn futures sank 5.0 cents to $3.60/bushel at Friday’s close, while December dipped 4.5 to $3.7775.

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