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.
Because USDA no longer collects objective yield samples in August, this will be the industry’s first broad look at field data from across the Corn Belt.
