Corn futures also fell as U.S. harvesting weighed on prices, while soybeans rose on international demand.

Dry weather has aided the U.S. corn and soy harvests this autumn but impeded U.S. winter-wheat planting and hurt crop conditions.

Rain showers hitting dry areas of the Plains are adding much-needed moisture to the region’s germinating wheat crop, though. Drought was affecting 62 per cent of the U.S. winter wheat crop as of Tuesday, up from 58 per cent a week earlier, according to the U.S. Drought Monitor.

The most-active wheat contract Wv1 on the Chicago Board of Trade settled down 2-3/4 cents at $5.70-1/2 per bushel. Corn Cv1 settled down 3/4 cent at $4.10-3/4 per bushel, and soybeans Sv1 settled up 3-1/4 cents to $9.94-1/2 per bushel.

Corn futures swayed up and down as U.S. farmer sales of crops from the autumn harvest outweighed strong U.S. export demand.

“Producers waited until bins were stuffed full until marketing the last part they can’t store,” Jim Gerlach, president of A/C Trading, said. “That’s going right to the market and pressuring futures.”

A bump in crude oil and palm oil prices helped support the soy complex, Gerlach said.

Strong export demand underpinned corn and soy futures recently despite U.S. farmers harvesting some of the largest crops in history.

The USDA confirmed private sales of 150,000 metric tons of U.S. soymeal to undisclosed destinations for delivery in the 2024/25 marketing year that began Oct. 1.

The U.S. Department of Agriculture reported export sales of U.S. soybeans in the week ended Oct. 24 at 2.3 million metric tons and U.S. corn sales of 2.3 million metric tons. Both were in line with trade expectations.

Industry players are awaiting Tuesday’s U.S. presidential election outcome.

—Additional reporting by Mei Mei Chu in Beijing and Sybille de La Hamaide in Paris

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The soybean market was mixed, with thinly traded old-crop contracts easing and new-crop contracts firming as investors adjusted positions ahead of the report that traders were watching for the latest U.S. harvest estimates.

Traders also noted some bargain buying in soybeans and corn as those markets recovered from multi-week lows hit earlier this week after rain and mild temperatures boosted growing conditions in the U.S. Midwest.

The U.S. Agriculture Department said early Thursday that export sales of soybeans totaled 1.503 million metric tonnes in the week ended Aug. 3. Analysts had predicted a weekly total between 300,000 and 1.8 million tonnes.

China, the top buyer of the oilseed, accounted for 767,800 tonnes, reflecting a recent string of deals.

“I think China is going to continue to be a consistent player here on the export side of it,” said Jason Britt, president of Missouri-based broker Central States Commodities. “There are good demand figures out there.”

CBOT November soybean futures settled up 9-3/4 cents at $13.18-1/4 a bushel.

CBOT December corn futures were two cents higher at $4.96-1/4 a bushel and CBOT September soft red winter wheat added 2-3/4 cents to $6.37-3/4 a bushel.

Corn export sales of 908,800 tonnes were in line with expectations of 275,000 to 1.2 million tonnes. Wheat export sales of 561,200 tonnes topped the high end of forecasts that ranged from 200,000 to 500,000 tonnes.

Ukraine announced a “humanitarian corridor” on Thursday to let cargo ships trapped in its ports sail into the Black Sea, suggesting a response to Russia’s recent withdrawal from a grain corridor agreement.

— Reporting for Reuters by Mark Weinraub in Chicago; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore.

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Feeder cattle contracts also posted gains, while lean hog futures were mixed

Traders said that tight supplies underpinned cattle futures prices despite demand concerns.

CME August live cattle futures ended 0.525 cent higher at 181.1 cents/lb., closing below its session peak after hitting resistance at the high end of its 20-day Bollinger range (all figures US$).

Most-active October live cattle rose 0.8 cent, to 181.7 cents/lb., finding support from early weakness at its 20-day moving average.

September feeder cattle futures gained 0.95 cent to settle at 251.575 cents/lb., rising above their five-day and 10-day moving averages during the session.

In the lean hog market, the nearby August contract gained 0.075 cent, to 101.725 cents/lb. The most-active October contract dropped 1.25 cents to 80.325 cents/lb., falling below its 20-day, 50-day and 100-day moving averages.

The U.S. Department of Agriculture (USDA) quoted the wholesale pork carcass cutout at $113.01 on Thursday afternoon, compared with $109.12/cwt on Wednesday. Cutout values for bellies were flat at $223.42.

USDA also reported weekly pork export sales of 22,300 metric tonnes, up from 17,800 tonnes a week earlier. Beef export sales rose to 14,800 tonnes from 12,400.

— Mark Weinraub is a Reuters commodities correspondent in Chicago.

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Wheat futures dipped, with concerns about weak demand for U.S. supplies weighing on the market after Egypt booked another deal for Russian wheat despite rising concerns about Black Sea shipments.

The benchmark Chicago Board of Trade September soft red winter wheat contract settled 1-1/4 cents lower at $6.56-1/4 a bushel (all figures US$).

Egypt’s state grains buyer, the General Authority for Supply Commodities, said on Tuesday it bought 235,000 metric tonnes of Russian wheat in an international tender.

CBOT November soybean futures gained four cents to $13.06 a bushel and CBOT December corn was up three cents at $4.98-3/4 a bushel.

The soybean market was due for a technical recovery after sinking on Monday to its lowest level since June 30, traders said. Corn futures had posted loses in nine of the previous 10 sessions.

Tuesday’s gains were kept in check, however, by forecasts for cool temperatures and rainy conditions across much of the U.S. Midwest during the next week, which will help harvest prospects for both crops, traders said.

“The U.S. Midwest weather continues to look favorable for corn and soybean production over the next two weeks, with generally mild temperatures reducing moisture needs for crops,” Arlan Suderman, chief commodities economist at StoneX, said in a client note.

Weekly condition ratings for U.S. soybean and corn crops improved more than analysts expected in the past week, though the spring wheat score slipped, U.S. government data showed on Monday.

— Reporting by Mark Weinraub; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore.

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August live cattle futures ended unchanged at 179.7 cents/lb. (all figures US$). Most-active October live cattle fell 0.525 cent, to 180.9 cents/lb., slipping below its 20-day moving average before finding support near its 30-day moving average.

September feeder cattle futures fell 1.45 cents, to 249.425 cents/lb.

Lean hog futures were mixed, with nearby August lean hog futures adding 0.575 cents, to 102.1 cents/lb., while the most-active October contract dipped 0.25 cent, to 84.575 cents/lb.

Smithfield Foods, the world’s biggest pork processor, is permanently closing 35 hog farm sites in Missouri and laying off 92 employees in October, according to a Missouri Worker Adjustment and Retraining Notification Act notice.

Boxed beef prices rose, with choice cuts adding 90 cents, to $302.39/cwt, while select cuts were $1.15 higher at $276.16 per cwt, the U.S. Agriculture Department said.

Pork cutout dropped $3.22, to $112.09/cwt.

Meanwhile, cattle slaughter rose to 124,000 head from 116,000 on Monday. A week ago, 124,000 cattle were processed, according to USDA data. Hog slaughter rose by 60,000 head to 471,000. But that was down from 476,000 a week earlier.

The CME’s Lean Hog Index, a two-day weighted average of cash prices, dropped to 105.04 from 105.47.

— Mark Weinraub is a Reuters commodities correspondent in Chicago.

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Traders said that the market faced pressure from profit-taking but weakness in the corn market helped limit the decline.

August live cattle futures LCQ3 dropped 0.3 cent to settle at 180.025 cents per pound. The contract found technical support at its 10-day moving average.

The most-active October live cattle contract LCV3 fell 0.85 cent to end at 181.9 cents per pound, bottoming out at a one-week low during the session.

August feeder cattle FCQ3 gained 0.825 cent to 245.925 cents per pound, dropping below its 10-day moving average.

After the close, the U.S. Department of Agriculture (USDA) said farmers were raising the fewest number of beef cows since at least 1971, signaling increased costs for meatpackers that slaughter the animals into steak and hamburgers.

Separately, USDA said producers placed 1.68 million cattle in feedlots in June to fatten them for slaughter, up 3% from 2022. Analysts, on average, had expected placements to decline 1.6% from last year.

In the wholesale market, prices for select cuts of boxed beef gained $2.02 to $276.73 per hundredweight (cwt), while prices for choice cuts BEEF-US-CH were 18 cents higher at $302.74 per hundredweight, USDA said.

October lean hogs LHV3 dropped 0.475 cent to 84.25 cents per pound, falling below the high end of its 20-day Bollinger range.

— Mark Weinraub is a Reuters commodities correspondent in Chicago

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But cattle prices closed lower on a round of profit-taking as traders took money off the table ahead of key government supply reports on Friday.

“We have rallied basically the whole month,” said Austin Schroeder, a commodity analyst with Nebraska-based Brugler Marketing. “We were overbought.”

The U.S. Agriculture Department said on Thursday morning that export sales of beef rose to 20,900 metric tons in the week ended July 13, up from 9,900 metric tons the prior week.

Pork export sales fell to 19,200 metric tons from 24,500 metric tons a week earlier. EXP/PRK

August live cattle futures LCQ3 dropped 1 cent to settle at 180.325 cents per pound after hitting a fresh contract high of 182.975 cents during the session. On a continuous basis, that was the highest price on record for the front-month live cattle contract.

Technical resistance for August cattle was noted at the high end of the contract’s 20-day Bollinger range.

The most-active October live cattle contract LCV3 fell 0.975 cent to end at 182.75 cents per pound after topping out at 185.75 cents, also a contract high.

August feeder cattle FCQ3 fell 1.7 cents to 245.1 cents per pound.

USDA will provide a supply update on Friday when it issues a bi-annual inventory report and separate monthly data about the number of cattle on feed. Analysts surveyed by Reuters estimated there were 2.3% fewer cattle on feed on July 1 compared to a year earlier.

August lean hogs LHQ3 gained 2.7 cents to 100.625 cents per pound.

In the wholesale market, prices for select cuts of boxed beef fell $1.25 to $274.71 per hundredweight (cwt), while prices for choice cuts BEEF-US-CH were off $1.03 at $302.56 per hundredweight, USDA said.

— Mark Weinraub is a Reuters commodities correspondent in Chicago

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Wheat futures had risen in four of the previous five sessions and the benchmark Chicago Board of Trade contract Wv1 jumped 8.5% on Wednesday, its biggest daily rally since right after Russia’s invasion of Ukraine last year on the prospect of grain flows being cut off from two key global suppliers.

Ukraine’s Defense Ministry said on Thursday it would consider all ships traveling to Russian ports and Ukrainian ports on the Black Sea that are occupied by Russia as potential carriers of military cargo starting on Friday. That announcement was made a day after the Kremlin said that ships heading to Ukraine’s Black Sea ports could be considered military targets.

“That also raised the risk of retaliation in a way that might threaten the willingness of shippers to haul Russian grain through the Black Sea,” Arlan Suderman, chief commodities economist at StoneX, said in a client note. “The implications are massive for world wheat supplies.”

Concerns about tight stocks lent support to K.C. hard red winter wheat and MGEX spring wheat contracts, which track the high-protein crops that are in short supply.

Corn and soybean futures were mostly weaker on profit-taking setbacks but declines were kept in check by outlooks for hot weather in key U.S. Midwest growing areas.

CBOT September soft red winter wheat futures WU3 settled down 3/4 cent at $7.27 a bushel.

“Russia’s overnight attack on infrastructures at the port of Odesa will have served to remind participants and observers as to the risks involved in maintaining Black Sea trade flows without a guarantee of safety,” BMI Research, a unit of Fitch Group, said in a note.

CBOT November soybeans SX3 were 4 cents lower at $14.04-3/4 a bushel and CBOT December corn CZ3 was off 6-3/4 cents at $5.46-1/4 a bushel.

— Mark Weinraub is a Reuters commodities correspondent in Chicago. Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris.

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The benchmark Chicago Board of Trade soft red winter wheat contract Wv1 briefly touched its daily trading limit and hit its highest in more than three weeks as Russian President Vladimir Putin on Wednesday accused Western countries of perverting the expired Black Sea grain deal that allowed for exports from Ukraine.

Corn and soybean futures also were strong, with soybeans posting their fifth straight day of gains and hitting their highest level in more than a month as forecasts for hot and dry weather raised concerns about crop stress in the U.S. Midwest.

Russia warned that from Thursday any ships sailing to Ukraine’s Black Sea ports would be seen as potentially carrying military cargoes, as Kyiv accused Moscow of carrying out “hellish” overnight strikes that damaged grain export infrastructure.

A considerable part of the grain export infrastructure at Chornomorsk port southwest of Odesa was damaged, Ukrainian Agriculture Minister Mykola Solsky said, adding that 60,000 tons of grain had been destroyed.

“The threat of this kind of escalation could cut all of the water born grain shipments off from the Black Sea, both Russian, and Ukrainian, which puts us right back into the situation we were presented with back in March of 2022,” Marex Capital analyst Charlie Sernatinger wrote in a client note.

CBOT September soft red winter wheat futures WU3 settled up 57 cents at $7.27-3/4 cents a bushel after peaking at $7.30-3/4.

“Things got heated back up over in Ukraine,” said Jim Gerlach, president of A/C Trading. “There is some real shooting going on over there and nobody is going to get in the middle of that. That is the bread basket of Europe and shippers are pulling out.”

CBOT December corn futures CZ3 gained 18-1/2 cents to $5.53 a bushel, peaking at their highest level since June 27. CBOT November soybean futures SX3 rose 13-1/2 cents to $14.08-3/4 a bushel and hit their highest since June 16.

Soybean futures have risen for five sessions in a row, their longest streak of gains since December.

Traders said the weather outlook raised the prospect of reduced U.S. harvests of both crops, keeping concerns about global supplies at the forefront of the market.

— Mark Weinraub is a Reuters commodities correspondent in Chicago. Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris.

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