Grain and soy prices remained weak Tuesday
Doane Advisory Services | Hagadone News Network | UPDATED 10 years, 10 months AGO
Bearish expectations weighed on crop futures again Tuesday. The reduced threat of frost this weekend seemingly triggered fresh selling in the crop markets today, but traders were probably anticipating bearish production revisions on Thursday’s big USDA reports as well. December corn futures settled 4.0 cents lower at $3.4425/bushel Tuesday, while May lost 4.25 to $3.655.
The soy complex also moved mostly lower. As in the corn market, prospects for decent late-season weather and big production numbers weighed on soybean, oil and meal prices Tuesday. Early news of another sizeable bean sale limited early losses in September beans and boosted nearby meal, but most contracts suffered from the prospective supply/demand imbalance. November soybean futures fell 15.75 cents to $9.9275/bushel Tuesday afternoon, while October soyoil sank 0.40 cents to 31.56 cents/pound, and October soymeal slipped $0.7 to $352.4/ton.
The wheat markets remain under pressure as well. The sub-rosa nature of the Ukraine conflict is denying the wheat markets of a bullish spark, which in turn is allowing the bearishness of the global situation to dominate trading. Late news of huge Russian exports exemplified the plentiful supply. December CBOT wheat ended Tuesday 6.0 cents lower at $5.275/bushel, while December KC wheat dipped 6.0 cents to $6.23/bushel, and December MWE wheat slumped 5.5 to $6.0525.
Cattle futures resumed their advance Tuesday. Cattle futures began the week rather poorly after surging last week. However, Monday’s late report of big beef gains apparently improved prospects for this week’s trading, with futures posting across the board gains as the day passed. October live cattle futures climbed 1.15 cents to 159.67 cents/pound in late Tuesday trading, while December futures surged 1.60 to 162.45. October feeder futures jumped 1.82 cents to 227.75 cents/pound, and January feeders leapt 1.70 to 219.67.
Resurgent pork prices spurred big hog gains. Hog futures began the week in mixed fashion, as did cash and wholesale quotes. However, pork prices reportedly jumped Tuesday morning, thereby encouraging fresh buying in the CME pit. October hogs soared 2.70 cents to 105.77 cents/pound at Tuesday’s close, while December vaulted 2.20 to 98.25.
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ARTICLES BY DOANE ADVISORY SERVICES

Sliding soy meal futures took starch out of crop markets Tuesday
Corn futures set back in concert with soybeans. Soybeans and meal led the crop markets sharply higher Monday night and Tuesday morning, with bulls apparently banking on robust demand and slow harvests to power prices higher. However, the surge ran out of momentum and bullish profit-taking and fresh selling greatly reduced the gains. Corn did close slightly higher. December corn futures ended Tuesday having gained 1.5 cents to $3.645/bushel, while May added 1.25 to $3.8675.

Tuesday's early meal reversal weighed on crop markets
Talk of slow harvesting is again boosting corn futures. Soybeans and meal led the crop markets higher overnight, but have set back from their highs. However, that has done little to discourage corn bulls, who reportedly were encouraged by the persistently slow harvest. December corn futures climbed 4.75 cents to $3.6775/bushel late Monday morning, while May added 4.0 to $3.895.

Ag markets posted mixed closes ahead of Thursday's USDA reports
Traders were looking forward to Thursday’s USDA reports Wednesday. Expectations for a massive corn harvest have weighed heavily upon the market this summer. However, the possibility that tomorrow’s USDA Crop Production and WASDE reports will hold surprises apparently spurred short-covering ahead of their release. Thus, corn futures traded slightly higher. December corn futures closed up 1.5 cents to $3.4575/bushel Wednesday, while May rose 1.25 to $3.6675.