After trading sharply higher yesterday on the bullish USDA reports, CBOT futures traded wide ranges and closed mixed with soybean meal up strongly and wheat dropping sharply.  Cattle futures closed higher after testing lower levels early in the day.  Lean hog futures closed sharply lower in contracts beyond the July LH. 

CBOT futures closed sharply higher in reaction to the bullish USDA reports at Noon EDT which showed fewer acres of corn and soybeans than expected by most traders. Cattle futures closed mixed with live cattle modestly higher and feeders lower, pressured by the limit-up move in corn futures. Lean hog futures closed very narrowly mixed with support from the July LH’s discount to the latest Lean Hog Index. 

American Farm Bureau President Zippy Duvall says AFBF is leading the agriculture policy climate debate.

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CBOT futures closed widely mixed with corn and soy complex futures ending at mid-range. Cattle futures closed mostly narrowly mixed with the August FC contract settling up 1.05. Lean hog futures closed higher with nearby July LH popping $2.02/cwt, supported by further short-covering after Monday’s $3.00 limit up move.

U.S. consumers will pay just a few cents less for their favorite Independence Day cookout foods compared to last year, including cheeseburgers, pork chops, chicken breasts, homemade potato salad, strawberries and ice cream, says the American Farm Bureau Federation.

CBOT futures closed sharply higher and near the day’s highs for corn and the soy complex.  Cattle futures closed lower with feeders hit hard by the sharp gains in corn futures.  Lean hog futures closed sharply higher with $3.00 limit-up moves in the July/Aug/October LH contracts.

KFB Livestock and Environmental Field Specialist Renee Carrico says beef producers face disparity in prices received for their animals.

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