Chicago soybeans touched a new two-month peak before ending lower on Tuesday, amid questions over export demand and late-season drought impacts on U.S. crop yields, traders said.
Mercantile Exchange live cattle futures ended mostly lower on Wednesday, consolidating a day after the benchmark December contract LCZ25 set a near two-month high.
U.S. wheat futures turned higher on Wednesday as worries about crop prospects in top global exporter Russia sparked a round of short-covering, analysts said.
Benchmark December live cattle futures LCZ24 on the Chicago Mercantile Exchange climbed to their highest in nearly two months on Tuesday, supported by technical buying and a rosy outlook for beef demand tied to strength in Wall Street equity markets, analysts said.
U.S. soybean and corn futures climbed to two-month highs on Tuesday, following broad gains in commodity and equity markets after China unveiled economic stimulus measures, but pared gains as forecasts called for improved crop weather in South America, analysts said.
Ontario buying interest was evident in Manitoba yearling markets. U.S. buyers were more interested in lighter calves and were shopping for pre-conditioned groups of sizeable volume. Certain finishing operators in Alberta were more aggressive on grass yearlings after waiting for lower prices earlier in the season.
Chicago Board of Trade soybean futures hit nearly a seven-week high on Monday as uncertainty about Brazilian planting weather and the size of the U.S. harvest sparked a round of fund-driven short-covering, analysts said.
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.