Soybeans and soymeal are under hefty pressure with corn and wheat moving higher. Live cattle futures are choppy with feeders under pressure while lean hog futures soften.
As of Dec. 6, 79% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
Soybeans traded higher but within Tuesday’s range, while soymeal futures posted new highs. Wheat futures were supported by mild corrective buying, while corn posted light, two-sided trade overnight.
