Chicago corn and wheat futures ticked down on Thursday following lackluster export sales data released by the U.S. Department of Agriculture. Soybeans were dragged along for the ride despite more encouraging numbers, said analysts.
Chicago Mercantile Exchange live cattle and feeder cattle futures jumped on Thursday as traders adjusted positions ahead of the U.S. Department of Agriculture's monthly cattle on feed report and saw strong U.S. export demand, according to analysts.
Soybean futures climbed on Wednesday on a round of short covering sparked by concerns over hot, dry weather in top producer Brazil that may threaten soybean seeding, traders said.
Chicago Mercantile Exchange lean hog futures ticked up on Wednesday as pork cutout values remained strong and a weaker dollar made U.S. exports more competitive, traders said.
Chicago wheat futures eased on Tuesday as geopolitical tensions between Russia and Ukraine faded into the background and brisk exports of Black Sea wheat continued to pose tough competition to U.S. wheat exports, traders said.
Chicago wheat futures dipped from three-month highs on Monday on profit taking following the previous week's rally sparked by crop concerns in Europe and escalating tensions between Russia and Ukraine, traders said.
Chicago Board of Trade wheat futures reached a 12-week high on Friday as escalating tensions in Russia's war with Ukraine increased uncertainty about Black Sea exports.
Traders booked profits ahead of the weekend, after the markets previously found support from gains in equities and improved processor margins that should boost demand for slaughter-ready cattle. Beef processors were earning $54.30 for each head of cattle they slaughtered, after losing money on each animal just a month ago, HedgersEdge.com data shows.