Pro Farmers’ Brian Grady reported that corn, beans, and wheat were all lower, by 7 cents, 10-13 cents and 8-12 cents. Profit taking, combined with expectations for rain in the Southern Plains in the next five days, fueled the wheat moves. Soybeans were pressured by progress in the South American harvest and stronger export sales there, along with expectations for more acreage in the United States this year, Grady said.
Live cattle ended mixed to higher as futures narrowed their discount to cash. Strength in boxed beef was supportive. However, action in the cash market is nil with feedlot asking prices higher than packers even want to consider. Cash hog bids were steady to weaker, while futures closed down double-digits.
For full commentary, see this afternoon’s Farm Journal Radio post.