Soybeans were higher on Thursday with talk of China export demand and higher soybean meal, soybean oil and crude oil. July beans scored a record high close. Corn and wheat futures could not follow with continued technical and fund selling and poor weekly exports. Corn saw additional pressure from favorable weather. Winter wheat was down on more talk of Russia allowing food exports from Ukraine, with the exception of Minneapolis which moved higher on concerns about prevented plant in the Northern Plains.
Hogs were sharply higher with higher cutouts, strong weekly exports and fund buying. Live cattle were mixed seeing bull spreading with the futures discount to this week’s lower cash, while feeders struggled even with lower corn prices.
Michelle Rook gets full analysis with Darren Frye of Water Street Solutions.
