Pro Farmer estimates the U.S. corn crop at 15.116 billion bu. with an average yield of 177.0 bu. per acre. We estimate the U.S. soybean crop at 4.436 billion bu. on a national average yield of 51.2 bu. per acre.
The crop markets were mixed in overnight trading as the Pro Farmer Crop Tour wrapped up. Firming cash cattle prices suggest futures could rebound from Thursday, but hogs seem to be facing seasonal weakness.
Disinflationary pressures along with big Corn Belt rains undercut the crop markets Thursday. Worries that wholesale meat prices are set to decline seasonally depressed the livestock markets.
The prospect of heavy rains over larger areas of the Corn Belt today depressed the crop markets overnight. Continued wholesale strength for beef and pork seemingly favor steady-firm livestock market openings.
Forecast rains over much of the Midwest seemed to sink soybean futures, whereas corn and wheat seemed to be competing for 2021-22 acreage. Beef values challenged the June high and seemingly boosting livestock prices.
Grain futures edged up in overnight trading, while soybeans continued the slide seen during Tuesday’s trading session. Surging beef prices seem likely to support cattle, while late pork losses bode ill for hogs.
The grain and cotton markets paused in the wake of last week’s big gains, while soybeans were supported by another daily export sales announcement. Livestock futures seemed to garner strength from discounts to cash
Soybeans and wheat are expected to lead corn higher to start the week. Last week’s slippage in fed cattle values seem likely to offset bullishness powered by soaring wholesale prices.
The soy and wheat complexes, as well as cotton futures, finished the week on a strong note in the wake of Thursday’s supportive USDA reports. The corn and livestock markets struggled.
