Crop markets mixed at midsession

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Corn futures are trading mixed at midday. The nearby July contract has turned slightly higher, but deferreds are being pressured by concerns about global financial markets as there remains talk that Greece could default on its debts. Generally favorable weather for crop growth is also pressuring prices. USDA is expected to show improved crop condition ratings in the Crop Progress report this afternoon from the 69% good to excellent rating last week. Losses are being limited by some consolidation ahead of the Acreage report due out June 30. July is 2 3/4 cents higher at $7.03 while December is 1 cent lower at $6.59.

Soybean futures are higher at midsession. Short-covering is supporting the market despite strength in the dollar and generally favorable crop growing weather in the Midwest. The futures market remains in a trading range and supportive factors include the still tight ending stocks estimates, uncertainty about flooded soybean acreage in the Missouri River Valley and ideas that some soybean acreage may go unplanted due to wet conditions. July is 11 1/2 cents higher at $13.44 1/2 and November is 11 1/4 cents higher at $13.44 1/2.   

Wheat futures are trading mostly lower at midday. Seasonal harvest pressure, improved crop conditions in western Europe and technical selling are weighing on the wheat market. The spot CBOT contract has dipped to the lowest level in 6 1/2 months. The MGE is trading mixed with some support from forecasts for more rain in the northern Plains that will continue to prevent late planting of the spring wheat crop. USDA will update harvest progress and spring wheat planting progress on Monday afternoon. CBOT July is 8 1/4 cents lower at $6.64, KCBT July is 3 3/4 cents lower at $8.00 3/4 while MGE July is 2 3/4 cents higher at $9.00.  

Cattle futures are trading strongly higher at midsession. The bullish Cattle on Feed report, expectations for higher cash trade this week and firm beef prices on Friday are supporting the market. USDA reported May placement at 89% of year-ago, while traders were looking for 92%. Total numbers of cattle on feed were up 4% from last year versus expectations of it being up 5%-6%. Cash trade was mostly $108-$109 last week and current ideas are for the cash market to be up $1 this year. June is $1.50 higher at $111.25 and August is $1.40 higher at $111.60.

Lean hog futures are sharply higher at midday. Strength in the cash market last week and the $2.96 jump in pork cutouts values on Friday are supporting futures trade. Tightening hog supplies and the improvement in pork cutouts are supporting the cash market again this morning. Spillover support from cattle is also contributing to the market strength. July is $1.45 higher at $97.10 and August is $1.40 higher at $96.25.



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