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.
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.
Big wheat losses weighed on corn and soybeans Tuesday, eventually reversing early bean gains tied to announced daily sales. Livestock futures set back on concerns about wholesale strength translating to cash markets.
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
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.
Grain and cotton futures posted a generally muted showing Wednesday ahead of Thursday's important USDA reports. Cattle futures slipped along with recent cash losses, whereas fall hog futures posted a strong rebound.
After the Bell | July 26, 2021
Corn, soybeans end higher amid slightly reduced rainfall outlook for Midwest, wheat lower as winter harvest moves along.
Weather will be the focal point next week as heat is expected to build, especially in the northwestern Corn Belt, where extreme temps are likely. Wheat has taken on a rare summer leadership role.
Some profit-taking moved into the corn and soybean markets, while spring wheat continues to rally, pulling winter wheat futures higher in the process. Cattle and hog futures saw a choppy day of trade.
