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Grains Mixed After USDA Report, Livestock Gains

May 10, 2018 at 21:35 by Vladimir Vyun

Prices for corn and wheat fell, while soybean prices increased, following the release of the World Agricultural Supply and Demand Estimates from the US Department of Agriculture. Of the special note was the forecast that US exports of soybeans will increase to 2,290 million bushels for 2018–19, up 225 million from 2017–18. Market analysts were very skeptical of the forecast due to the threat of trade wars between the United States and China, which can hit US exports very hard. Futures for delivery of corn in July fell 0.19% to $4.02 per bushel on CBoT. Contract for wheat slid 0.78% to $5.065 per bushel. At the same time, soybeans advanced 0.54% to $10.2125 per bushel.

Meanwhile, cattle gained following the rising wholesale prices for beef. Analysts explained the rally by spring grilling and preparations for the upcoming Memorial Day. Futures for delivery of live cattle in August rallied 0.89% to $1.043 per pound on CME today. Prices for feeder cattle rose by 0.88% to $1.4395 per bushel. Lean hogs for delivery in June also joined the rally, jumping 0.98% to $0.7733 per bushel.

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