Corn was mostly lower on fund and technical selling. There was no real fresh news for corn and even with the recent dry weather, not much buying interest either, as, at least right now, the trade expects the weather to help the crop coast to maturity. USDA states 84% of corn is at the dough making stage, compared to 97% a year ago and 89% on average and 42% has dented, compared to 84% last year and 61% on average, while 4% has reached maturity, compared to 38% a year ago and 17% on average, with 56% of corn called good to excellent, down 3% from last week. Ethanol futures were mostly lower.
The wheat complex was lower on technical and fund selling. Minneapolis led the down on spring harvest pressure, and parts of the hard red winter region should get some much needed rain in the coming days. According to USDA, 64% of spring wheat is harvested, compared to 93% last year and 69% on average, with 70% of the crop rated good to excellent, up 3% from a week ago. Japan issued a tender for 116,350 tons of wheat (48,427 tons Canadian western red spring, 25,124 tons U.S. dark northern spring, 22,513 tons U.S. hard red winter, and 20,286 tons U.S. western white) and Morocco is in the market for 50,000 tons of durum from the European Union. Egypt bought 355,000 tons of wheat from Romania, Russia, and Ukraine.
Chicago Mercantile Exchange live cattle futures were mostly lower Tuesday on technical selling after contracts failed to break the session’s early highs. Disappointment over last week’s cash trade also contributed to contracts’ slide to one month lows. On the longer term side, the market ready supply’s expected to further tighten in the coming weeks and the trade expects lower weights due to high heat. October was down $.60 at $126.20 and December was $.37 lower at $130.10.
Feeder cattle were mostly firm on tight supplies and the mostly lower move in corn. September was up $.25 at $157.17 and October was $.15 higher at $159.10.
Direct cattle markets were quiet Tuesday as both sides come back from the holiday, assessing demand while getting a look at the new showlist. Overall, DTN says the new offering looks to be up on the week with larger offerings in Texas and Colorado offsetting smaller showlists in Kansas and Nebraska. Asking prices are poorly defined, generally around $125 to $126 on the Live basis and $198+ for Dressed.
Boxed beef was mixed on moderate demand and light to moderate offerings. Choice was up $.43 at $196.10 and Select was down $.74 at $181.92. The estimated slaughter of 124,000 head was unchanged on the week, down 5,000 on the year.
Lean hogs were modestly higher, thanks to technical buying and concerns about weather limiting weight gains. Additionally, the cutout value was higher at midday and contracts remain at a discount to the cash index. October was up $.37 at $88 and December was $.22 higher at $84.97.
The major direct cash hogs were mixed, dependent on packer demand. National Direct barrows and gilts were up $.71 at $74 to $91.74 with an average of $87.23. The Eastern Cornbelt was down $1.20 at $84.76 to $86.75 for an average of $84.90, the Western Belt was $1.69 higher at $74 to $91.74 with an average of $88.97, and the Iowa/Southern Minnesota market was up $.97 at $74 to $91.74 for an average of $89.33. Butcher hogs at the terminals were steady to $1 lower at $57 to $66. The Missouri Direct base carcass meat price was steady at $81 to $82 with sows unchanged at $64 to $67. Illinois Direct sows were steady at $55 to $66.
The pork carcass cutout value was $.53 higher at $95.49 with gains in ribs and hams cancelling out losses in the other primals. The estimated slaughter of 428,000 head was 3,000 lower than last week and 12,000 below last year.
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