Chicago wheat, corn and soybean futures regained ground on Thursday after Wednesday's dramatic losses as investors covered short positions ahead of the U.S. Department of Agriculture's supply and demand report set to be released on Friday.
Chicago Mercantile Exchange (CME) lean hog futures turned higher on Thursday on a spate of bargain-buying, after the most-active August contract LHQ24 set a new low during the session, traders said.
Chicago Board of Trade soybean futures fell to a 2020 low on Wednesday, while corn hovered near a four-year low as favorable U.S. crop conditions kept a lid on prices.
Soybean and corn futures at the Chicago Board of Trade fell to fresh contract lows in early July, as relatively favourable growing conditions and bearish technical signals weighed on values.
CME live and feeder cattle futures turned lower on Tuesday as cutout values fell and consumer demand waned following the end of major steak-eating holidays, traders said.
Chicago wheat and corn futures ticked higher on Tuesday after sharp declines on Monday, while most-active soybean futures closed at their lowest point in nearly four years, as expectations of ample supplies from northern hemisphere harvests hung over the market.
For the week ending July 2, Western Canadian yearling prices were steady to $5 higher compared to seven days earlier for larger packages. Small groups of 800-pound-plus cattle were $10 to $15 discounted to pen-sized lots. Calf markets were relatively unchanged from the prior week, although volume was limited. There is significant open demand for yearlings and finishing feedlot operators are watching how prices develop.
Chicago Board of Trade soybeans and corn futures on Monday dropped to around the lowest prices in four years, as traders expected a positive picture of U.S. crop progress from the U.S. Department of Agriculture (USDA) in a report due later in the day.
Chicago Mercantile Exchange cattle futures turned lower on Monday, shedding a post-holiday rally on demand concerns and news that beef-loving Argentines are cutting back on buying steaks as the country's economy slumps.