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Posted at 10:33am – Tuesday morning earlier gains eased as traders acted cautiously ahead of Wednesday’s WASDE report. December corn is up 1 cent and November soybeans are up 8 1/2 cents. It will be raining in the Dakotas, with severe storms expected later Tuesday. September KC wheat is up 7 1/4 cents and September Minneapolis wheat is up 9 cents, gaining some support from the USDA decline of 1 percentage point in good to excellent rating and the broadly dry forecast . Crude oil is up $1.61 in August and Dow Jones futures are up 155 points. The US dollar index is down 0.12 and gold is up $5.30 in August. On Wednesday morning, the US Department of Labor will report on consumer prices.
Posted at 8:35 am – December Corn is up 4 1/4 cents a bushel, November Soybeans are up 17 cents, September KC Wheat is up 9 3/4 cents, September Chicago Wheat is up Up 7 cents and September Minneapolis Wheat is up 10 cents 3/4 cents. The Dow Jones Industrial Average is up 168.51 points and crude oil is up $0.73 a barrel in August. The US Dollar Index is down 0.140 and Gold is up $7.00 an ounce in August. Only soybean oil is lower to start after hitting its highest price of the year on Monday. The markets for soybeans and durum wheat remain clearly in positive territory. The soybean balance sheet is expected to tighten further with July’s WASDE report on Wednesday. Historically, soybean conditions have remained poor, with only 51% of the crop being rated good to excellent.
OMAHA (DTN) – Live cattle are up $0.43 in August to $177.625, forage cattle are up $0.65 in August to $246.9, lean hogs are up 3 in August, $18 up to $97.35, corn is up 1 3/4 cents a bushel in December and soybean meal is up $8.60 in December. The Dow Jones Industrial Average is up 226.34 points. The livestock contracts are all trading higher as traders currently view the market’s fundamental support as more relevant than the slight pressure in the corn market. No cash trading has developed at this point and trading is likely to drag on into Wednesday or later.
Posted at 8:35 am – In August live cattle are down $0.55 to $176.65, in August forage cattle are down $0.60 to $245.65, in August lean hogs are up $0.68 Up $94.85, in December corn is up 4 1/4 cents a bushel and in December soybean meal is up $8.00. The Dow Jones Industrial Average is up 120.91 points. Early on Tuesday, both the livestock and feedstock markets are hesitant to react with the uptrend in the corn market. Meanwhile, nearby lean hog contracts are holding up after closing lower on Monday afternoon. Asking prices in the South range from $180 to $182.
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