Weather worries pressure corn, soybean prices

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Corn futures are trading 15 to 17 cents higher as of 10:45 a.m. CDT. Corn prices are soaring after USDA reported corn condition ratings (good/excellent) down 8 percentage points from last week. The report also showed corn silking at 25 percent, moderately higher than the 8 percent five year average. All in all, the market remains dominated by hot, dry weather forecasts. CBOT markets will close at 12 p.m. CDT today and will remain closed Wednesday in observance of the Independence Day holiday. CBOT grain markets will reopen at 10:30 a.m. CDT Thursday.

Soybean futures are trading 27 to 28 cents higher as of 10:45 a.m. CDT. Soybean futures continue to rise on weather worries and declining crop condition ratings. 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 markets will close at 12 p.m. CDT today and will remain closed Wednesday in observance of the Independence Day holiday. CBOT grain markets will reopen at 10:30 a.m. CDT Thursday.

Wheat futures are trading 14 to 21 cents as of 10:30 a.m. CDT. Wheat futures continue to ride the wave of higher prices as corn and soybean prices sky rocket on weather worries and crop deterioration. USDA reported winter wheat harvest at 88 percent complete, above analysts’ expectations of 70 percent. Spring wheat good/excellent condition ratings were pegged 6 percentage points lower than the previous week. CBOT markets will close at 12 p.m. CDT, today and will remain closed Wednesday in observance of the Independence Day holiday. CBOT grain markets will reopen at 10:30 a.m. CDT Thursday.

Cattle futures trading lower as of 10:45 a.m. CDT. Market prices have declined after opening the session higher on short covering. The market is trading choppy, weighed down by minimal cash trade and lower boxed beef prices. Choice beef was down 3 cents at $194.63 while select was down 48 cents at $177.61. Cash trade is anticipated to pick up after the holiday with prices called steady at best. CME livestock trade will close at 12 p.m. CDT today in observance of the Independence Day holiday. The markets are scheduled to reopen at 9:30 a.m. Thursday.

Lean hog futures are trading lower as of 10:45 a.m. CDT. Futures prices are being pressured by sharp declines in yesterday’s pork cutout value and weakening fundamentals. The USDA reported the wholes sale pork price at $93.85 down $1.58. Cash trade is expected to be steady to higher ahead of the July 4th holiday. CME livestock trade will close at 12 p.m. CDT today in observance of the Independence Day holiday. The markets are scheduled to reopen at 9:30 a.m. Thursday.



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