Grain Close Mixed After Uneventful WASDE, SA Weather in Focus: Cattle End Higher, Hogs Mixed

Grains close mixed after the WASDE with few changes except U.S. corn carryover. Argentina dryness was the big focus. Cattle higher, despite lower cash. Hogs down for the week. Garrett Toay AgTraderTalk.

Grains closed quietly mixed after the WASDE with few changes in the balance sheets except U.S. corn. Argentina weather concerns were the biggest market mover for the week with soybean meal scoring new contract highs putting in weather premium. Cattle higher Friday, despite lower cash. Hogs had a tough down week. Michelle talks to Garrett Toay AgTraderTalk.

AgWeb-Logo crop
Related Stories
Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Read Next
Senate Ag Committee’s 10-11 farm bill vote stalls the legislation, but a bipartisan 17-6 vote on mandatory country-of-original labeling keeps mandatory beef labeling alive for a potential September revote.
Get News Daily
Get Market Alerts
Get News & Markets App