More New Lows in Corn and Wheat
One last day of rain around the central and eastern Midwest was enough to take December corn down to $3.60, near last year's August low. Chicago and K.C. wheat posted new contract lows while December Minneapolis wheat fell to its lowest close in two months, unable to find any buying interest while the spring wheat harvest nears its final third.
Cattle Futures Move Higher Tuesday on Commercial Buying Support
Strong triple-digit gains have quickly moved into the cattle complex Tuesday based on short covering activity following strong market pressure over the last couple of weeks. The tone of the market remains weak, although oversold market status drew commercial traders back into the complex. Hog futures remain under pressure as weakness in cash hogs and pork values have limited market support.
Soybeans, Corn Start the Week Lower
Much needed rains in Iowa put pressure on the corn and soybean markets Monday.
July Cheese Inventories Increase Significantly
Price weakness in all categories in the spot market did not sit well again Tuesday. All Class III futures are below $17.00 with September-December showing double-digit losses. The July Cold Storage report was a bit of a surprise. It was bearish for cheese with a substantial increase of inventories. Butter declined as expected.
Continued Pressure in Corn Prices Work Through Ethanol Markets
The losses developing in corn markets have led to additional pressure in most ethanol contracts Tuesday. The lower production costs and expectation that long-term corn supplies will allow for ample ethanol production through the upcoming year has created additional softness in the ethanol market.
Price of 10-34-0 Up From Previous Month; All Other Fertilizer Prices Lower
The average retail price of 10-34-0 was up 2% the second week of August 2017 compared to a month earlier, while prices for all other major fertilizers continued to move lower.
Cotton Finishes on Highest Close Since Aug. 11
Traders eyed Tropical Disturbance Harvey tracking toward the Texas coast. More rain and cooler temperatures expected in the Texas Plains. Many growers in the Plains and Delta would like some hot, dry weather.
Oilseeds Higher, Grains Continue to Slide
Soybeans ended 1/2 cent to 1 1/4 cents higher, canola ended $1.60 to $2.40/mt higher, spring wheat ended 4 3/4 to 14 cents lower and corn finished 2 1/2 to 3 cents lower.