Kentucky Farm Bureau

CBOT futures closed steady to mostly lower and mostly near the low end of the day’s trading ranges.  Cattle futures closed lower as prices take a breather from the 3-week rally that peaked Friday-Monday.  Lean Hog futures closed strongly higher, supported by this week’s rising cash hog and pork prices.

CBOT futures closed very mixed with corn and wheat declining and soybeans settling higher by the close. Cattle futures closed sharply higher even as boxed beef values dropped sharply. Beyond the nearby July LH contract, lean hog futures closed sharply higher to locked limit up in the Aug/Oct/Dec contracts.

Corn and soybean futures closed little changed after trading both sides of unchanged. No major news today to move the market. Traders are preparing for Thursday’s monthly USDA crop reports. Cattle futures closed mostly lower with Live Cattle not seeing follow-through from Friday’s move higher. Lean Hog futures fell sharply today with July LH moving to a new 12-month low; the close is barely above the contract low set last July.

Corn, soybean and soymeal futures closed strongly higher today as traders have renewed concerns that wet weather and late planting will negatively impact production. Cattle futures closed lower for a second day with feeder cattle futures losing more due to the rise in CBOT futures. Lean Hog futures closed sharply lower with the July LH making new lows for the current Apr/May/June downtrend.

CBOT futures closed lower with corn and soybeans ending 2-3 cents above the day’s lows. The move to the lows occurred in the last two hours of trading. Cattle futures closed lower as cash cattle trade is waiting for Friday’s Cattle on Feed report. Lean hog futures closed higher but remain near their 3-month lows.

CBOT futures closed mostly lower to near steady despite the friendly news that President Trump and China’s Xi will have an “extended” meeting during the G-20 (opportunity to advance trade negotiation). Cattle futures closed slightly higher as weak beef values and a slow cash market weigh. Lean Hog futures closed mixed with the Jly LH down 2 percent.

CBOT futures closed mostly higher, but only soybeans and soybean oil closed strongly (near the day’s highs). The overnight rally failed in corn and wheat. Cattle futures closed higher in apparent short-covering after steady selling hit market last week. Lean Hog futures closed higher on short-covering and bargain hunting following Friday’s sharp drop.

CBOT futures closed higher with corn taking the lead back from soybeans. With the rest of June looking wetter and cooler than normal, traders are more nervous about production potential this year. Cattle futures lost ground again today, especially the feeder futures which were also weighed down by the big increase in corn futures.