Grains Mixed with Soybean Oil Supporting Soybeans
November soybeans closed higher Monday, helped by an export sale to China, bull spreading in old-crop soybeans and a 2.21-cent gain in July soybean oil. December corn was down 9 1/4 cents with broad rain coverage expected in the seven-day forecast.
Feeder Cattle Triumph Amid Weaker Corn
Heading into Tuesday's trade, the feeder cattle contracts hope that the corn market's deterioration continues.
Corn Higher Friday, DDG Sharply Lower for the Week
While corn closed higher Friday, it posted a loss overall for the week.
May Milk Production Jumps 4.6%
It was another negative day for milk futures with weak cheese prices putting pressure on futures contracts. This weakness may continue as the May Milk Production report showed milk production in the country up 4.6% compared to May 2020.
Ethanol Futures Start Week Unchanged
July ethanol futures were unchanged at $2.46 Monday and August ethanol futures were unchanged at $2.38. The July corn market closed up 4 cents at $6.59 1/4, while September corn closed up down 6 1/4 cents at $5.71 1/4.
DAP Prices Climb to $656/ton, Up 4% From Last Month
Retail fertilizer prices continue their slow march higher with DAP showing the largest gains compared to the prior month.
Cotton Follows the Grains Monday
The cotton market was sharply lower Monday morning, then slightly higher towards the afternoon, as it mimicked the trading action of the Chicago grains.
Oilseeds/Spring Wheat Bounce Higher
Soybeans ended 6 1/4 cents to 19 cents higher, canola ended $15/mt lower (July contract) to $10/mt higher, corn ended 4 cents lower to 9 1/2 cents higher, HRS closed 1/4 cents to 2 cents higher, HRW ended 5 3/4 to 6 3/4 cents lower and SRW ended 1 1/4 cents lower to 1/4-cent higher.