Wednesday, May 12, 2021 3:32PM CDT
While the May USDA World Agricultural Supply and Demand Estimates (WASDE) report featured little earth-shattering news for soybeans, it was new-crop December corn futures that reacted in a dramatically bearish fashion after new-crop stocks and demand estimates were more bearish than traders had anticipated. Overall, the crop report was neutral for soybeans and bearish for both wheat and corn.
July corn is up 1 1/2 cents, July soybeans are up 27 cents and July KC wheat is down 1 1/4 cents.
Cattle futures were able to perform well despite higher grain futures. There is anticipation of higher cash developing this week, which has provided support. Hogs may have run out of aggressive sellers of futures and with the jump in hog prices Tuesday, traders may buy the break.