Corn market prices soar on extreme weather conditions

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Corn futures closed 18 to 31 cents higher on Tuesday. Market prices soared as extreme weather conditions across the Midwest were forecasted to continue into next week. Cooler temperatures and slight chances of rain are forecast for next week but are too late to reverse damage from weeks of high temperatures. Extended periods of hot dry weather forced USDA to slashed corn condition ratings (good/excellent) down 8 percentage points from last week. CBOT grain markets will be closed Wednesday in observance of the Independence Day holiday. Markets will reopen at 10:30 a.m. CDT on Thursday. 

Soybean futures closed 35 to 40 cents higher on Tuesday. Extreme heat and dry conditions across the Midwest pulled soybean prices higher as traders are now concerned that the impending soybean crop is in danger. Soybean condition ratings were reported at 45 percent (good/excellent) down 8 percentage points from the previous week. The report also showed soybean blooming at 26 percent, well above the five year average of 12 percent. CBOT grain markets will be closed Wednesday in observance of the Independence Day holiday. Markets will reopen at 10:30 a.m. CDT on Thursday.

Wheat futures closed 23 to 33 cents higher on Tuesday. Spillover buying from soaring row crop prices pulled wheat futures higher on today. Wheat futures rallied on weather worries and crop deterioration in the corn and soybean markets. Minneapolis wheat was supported by hot weather worries and possible yield deterioration. The USDA reported spring wheat good/excellent condition down 6 percentage points lower than the previous week. CBOT grain markets will be closed Wednesday in observance of the Independence Day holiday. Markets will reopen at 10:30 a.m. CDT on Thursday.

Cattle futures closed higher on Tuesday. The market closed higher due to position squaring ahead of the midweek holiday. The market prices bounced up and down most of the session, weighed down by sluggish cash trade and mixed boxed beef prices. Midday prices were reported down 89 cents for choice and up slightly (2 cents) for select cuts. Cash trade is anticipated to pick up after the holiday with prices called steady at best. CME livestock trade will be closed Wednesday in observance of the Independence Day holiday. The markets are scheduled to reopen at 9:30 a.m. CDT on Thursday.

Lean hog futures closed mixed on Tuesday. Trade in the hog market was light at best today as traders looked to wrap things up before the midweek holiday. Futures prices were pressured by sharp declines in the pork cutout value and lower cash prices. The USDA reported the wholesale pork cutout value at $93.85 down $1.58. Cash trade is expected to be steady after the holiday. CME livestock trade will be closed Wednesday in observance of the Independence Day holiday. The markets are scheduled to reopen at 9:30 a.m. CDT on Thursday.



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