Mixed financial market action seemingly left corn unaffected Tuesday morning. That is, while the equity markets rebounded from recent losses, the U.S. dollar resumed its late rally, thereby offsetting the supportive stock market impact upon commodity demand. Nearby corn futures seemingly reflected firm cash trading, whereas improving crop conditions apparently weighed upon the deferred contracts. July corn futures edged 0.25 cent higher to $6.535/bushel around midsession Tuesday, while December dipped 4.0 cents to $5.425.
Soybean price proved relatively strong in early Tuesday trading. Traders cited the tight old crop situation for supporting the nearby bean and meal contracts, whereas limited farmer progress in completing soy plantings last week appeared to boost new crop prices. In contrast, ideas that beans will be aggressively crushed for meal may have undermined support for soyoil futures. July soybean futures climbed 8.5 cents to $15.205/bushel Tuesday morning, whereas July soyoil sank 0.35 cents to 47.20 cents/pound, while July soymeal gained $4.6 to $455.6/ton.
The slow start to the winter wheat harvest reportedly boosted wheat futures Tuesday morning. That is, the weekly USDA Crop Progress report released late Monday stated the U.S. winter wheat harvest as being 20% complete, whereas the five-year average pointed to a normal rate around 37% by this time. Traders may also have been buying spring wheat futures in reaction to ongoing weather problems, but surprisingly good yields in some winter wheat areas seemed to undercut the Kansas City market. July CBOT wheat advanced 1.5 cents to $6.805/bushel around midday Tuesday, while July KCBT wheat lost 4.25 cents to $7.11, and July MGE futures climbed 4.0 cents to $8.1525.
Cattle futures sustained their modest overnight gains Tuesday morning. The positive influence of rebounding equity values seemingly outweighed the negative implications of concurrent U.S. dollar gains. Traders may also be thinking seasonal and technical factors are pointing toward higher levels. August cattle climbed 0.30 cents to 121.25 cents/pound just before lunchtime Tuesday, while December moved up 0.05 cents to 126.75. Meanwhile, August feeder futures declined 0.10 cents to 147.57 cents/pound, and November fell 0.55 to 152.30.
Hog futures proved vulnerable to fresh selling Tuesday morning. Although the wholesale market performed well again Monday, the late downturn in cash hog prices has probably persuaded many in the swine industry that the traditional second-half price decline has begun. July hog futures dropped 0.62 cents to 100.32 cents/pound around midsession Tuesday, while the December contract lost 0.42 cents to 82.45 cents/pound.