Grain Futures and Livestock Market Recap

Grain Market Recap

Corn futures traded in a 20-cent range today and soybeans 40 cents, both of which managed to finish the day near unchanged.  This afternoon's weekly crop progress did show continued deterioration of conditions throughout the Midwest, which may help keep prices supported in the near term.   Good to excellent conditions for the US corn crop fell 6% to 55%, a bigger drop than expected and the lowest for this week since 1992.  Good/Excellent conditions for Illinois dropped to just 36%.  Good/Excellent conditions for soybeans stand at 54%, this was a 5% drop from last week.  All eyes will continue to be on weather, but traders will also start looking to next Friday's USDA report, which also marks the last trading day of the month and quarter.  

Livestock Market Recap

Cattle futures got hit to start the shortened week of trade while lean hogs managed to take on impressive gains across the board.  

At the close, August live cattle futures were 2.02 lower, settling at 169.70, their lowest closing price since May 31st.  August feeder cattle saw a lower trade as well settling 2.775 lower to 232.15.  Front month lean hog futures (July) finished the day $3.00 higher to settle at 95.85.

This afternoon's daily livestock summary showed wholesale beef prices lower.  Selec cuts were 3.23 lower to 336.91 and select cuts lost 2.83 to 307.93.  On the cash cattle side, not a whole lot to report on yet there.  Daily slaughter was reported at 127,000 head, 1,000 head more than last Tuesday and 1,000 head less than the same day last year.  

Long liquidation continues to be a concern if the fundamental backdrop continues to soften up.  The latest Commitment of Traders report showed Funds holding their largest net long positions in several years for both fats and feeders.  

Get more of our daily grain commentary here:  

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