National Newswire
USDA Newswire
Market Snapshot
Quotes are delayed, as of May 30, 2023, 03:43:54 PM CDT or prior.
Local Weather
Commentary
- Cotton Futures Mixed at Midday
- The July cotton contract is a penny higher at midday, while the new crop prices are 28 to 51 points weaker so far following the Memorial Day break. The Dollar Index is currently 9 points in the red. Crude Oil futures are at their lows for the day with 4.3%...
- Hogs Limit Up through Midday
- Hog prices are locked limit higher in the July and August contract with $3.27 to $4.65 gains in the other nearbys, following 6 consecutive red days. End of month asset allocation protocol would suggest closing out winning short positions in hogs as well as longs in other markets. USDA’s National...
- Triple Digit Rallies for Cattle Market
- Feeder cattle futures are leading the rally with 1.6% to 1.8% gains at midday. The fats are also $0.95 to $1.67 higher at midday. USDA called the bulk price for last week $171 in the South, $180-182 in the North, and $285 in the beef. Feeders were down 77 to...
- Wheat Futures Dropping after Weekend
- The midday wheat market is trading sharply lower, with some contracts exploring new lows for the move. Chicago wheat prices are down 3.2% to 3.7% so far, with July sub-$6 for the first time since April of 2021. KC Wheat futures are also below their round number $8 support, with...
- Beans Exploring New Lows for the Move
- Soybeans are down by 27 to 33 cents with losses of as much as 2.7% to start the short week. That has futures printing new lows for the move, with November contracts working at levels not seen since November 2021. Soymeal futures are trading 1.4% to 1.6% lower. Soybean oil...
- Corn Dropping Hard to Begin Shortened Week
- The corn market is down by as much as 3% through Tuesday’s midday amid broad selling of energy instruments and grains in general. Chinese corn futures are also down about 7% for the year and their imports of Ukrainian corn since last July have gone over the 5 MMT mark....
