Corn and Soybean Prices Jump as Funds Buy Grains; Cattle Slide and Hogs Firm
Stronger export demand, lower USDA carryout estimates, limited short‑term Corn Belt rain plus heavier fund buying tightened supplies and lifted grain contracts.
Overview
- Corn futures rose several cents on Monday morning after a weekend gap higher as managed‑money funds added substantial net longs and open interest climbed.
- Soybean contracts posted double‑digit gains early Monday following large private and official export sales and a higher than expected June crush that tightened immediate supplies.
- Wheat showed modest gains on Monday with buying linked to strikes that have disrupted Black Sea export flows and reduced available global shipment capacity.
- Live cattle markets weakened with cash trade in the high $230s, weekly federally inspected cattle slaughter at about 525,000 head, and funds cutting long cattle positions.
- Lean hogs held firmer with a $99.32 national base price, a higher pork carcass cutout and weekly slaughter near 2.31 million head, while funds kept a near‑net short stance in the complex; traders will watch USDA reports, short‑term weather in the July–August yield window, and South American harvest progress for the next price moves.