Corn: Down 2-3
Soybeans: Down 3-4
Wheat: Down 5-10
On Day 1 of the Pro Farmer Midwest Crop Tour, scouts found corn yields and pod counts well ahead of year-ago and the three-year average in both Ohio and South Dakota. While USDA’s latest Crop Production Report had signaled big figures were likely to be found in the state, Tour confirmation of the department’s findings put some pressure on the corn and soybean markets overnight.
Also of note, rains this week up the odds both the corn and soybean crops will be able to hold onto yield potential heading into harvest. USDA’s corn and soybean crop condition ratings came in a bit lower than expected yesterday, but the ratings are still quite high for this point in the season.
Meanwhile, exporters sold 250,000 MT of soybean cake and meal for delivery to unknown destinations during the 2018-19 marketing year, USDA announced via its daily reporting system.
Wheat futures are again under pressure as traders are concerned that Russian wheat exporters may ramp up shipments of the grain near-term, fearing export curbs down the road. But government officials continue to deny any such curbs are in the works.
Outside markets are friendly today, with the U.S. dollar index under pressure and the
A big drop in cattle showlists this week paired with strong gains for the boxed beef market on Monday bode well for this week’s cash negotiations. In addition, packer profit margins have pushed above $200 a head. Last week, cash sales took place at an average price just shy of $110, which is a buck above where August futures settled on Monday.
Lean hog futures faced some profit-taking on Monday, as traders worked to correct the market’s overbought condition. The nine-day relative strength index fell Monday, but some contracts still remain in overbought territory. But momentum continues to favor market bulls and African swine fever remains an issue in China.