Grain markets were able to find their footing while livestock futures struggled yet again. Here are the two charts that we are keeping a close eye on.
Corn futures traded a tick below yesterday’s low before reversing to finish the day 6 cents higher, settling at 481 1/2. Soybeans were the big winner today, which shouldn’t be much of a surprise with the hot and dry forecasts through the balance of August. November futures finished the day 18 ¼ cents higher to settle at 1323 ½. Knocking on the door of a potential breakout. Wheat futures were a dud, which is par for the course at this point. December was down ¾ of a cent to settle at 623.
Livestock markets were under pressure yet again, at the close October live cattle futures were 70 cents lower to settle at 179.27. We’ll get into that chart here in a bit. September feeders finished the day 77 cents lower to settle at 249 even. Last but not least, lean hogs. October finished the day 2 cents lower to 78.17.