Wednesday, June 16, 2021 5:20AM CDT
Livestock producers in the Northern Plains are facing a bleak grazing season this summer as severe drought has limited the growth of forages. Some areas might only see 25% of normal growth and others might not see any hay production because of the drought conditions.
July corn is down 1 3/4 cents per bushel, July soybeans are down 15 cents, and July KC wheat is down 2 1/2 cents.
Cattle futures extended their gains Tuesday, aided by continued short-covering, lower grain prices, and a jump of cash cattle prices. It is unlikely this strength may continue Wednesday, but it has changed the posture of the market. Hogs may find some stability due to the large jump of cash Tuesday and a possible end to the liquidation phase.