Row Crops Rally on Weather and Strong New Crop Exports: Wheat and Livestock Mixed

Cattle set back on lower early cash and cutouts, while hogs turn mixed after early gains tied to strong weekly exports.

Corn and soybeans push higher Thursday morning on hot dry extended weather forecasts and strong new crop exports says Kent Beadle, Paradigm Futures.

New crop exports for soybeans were 96.1 million bushels, due to strong buying by China and unknown destinations.

New crop corn exports were also robust at 58.8 million bushels.

Beadle says there were some rains in the Corn Belt the last 24 to 48 hours but they did not hit all areas and the extended 8-14 day forecasts are looking hot and dry to finish out the crop.

“I think that is trimming some bushels off these record yields,” he says.

Wheat is mixed on spread trade and trying to short out quality issues with the Hard Red Spring wheat crop.

Beadle says, “The early spring wheat in North Dakota has had vomitoxin and falling numbers due to too much rain.”

Cattle futures set back with lower boxed beef cutouts on Wednesday and some sharply lower cash trade, even though it was light in nature.

“We are essentially narrowing the premium the North was holding to the South and to the futures market on cash,” he says.

Hog futures were higher early in the session with the push of strong exports of 42,200 metric tons and the futures discount to the index, plus hog cattle spreads.

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