Chicago Board of Trade wheat futures climbed to a 10-month peak on Wednesday as worries grew about deteriorating harvest prospects in top exporter Russia, before the market turned lower.
Chicago Mercantile Exchange lean hog futures dropped to their lowest level since February under pressure from solid U.S. production on Tuesday, while live cattle futures reached their highest price since March, analysts said.
Chicago Board of Trade wheat futures Wv1 reached their highest level since July on Tuesday as frost damage in top-exporter Russia and lower U.S. crop ratings supported prices, traders said.
For the week ending May 18, Western Canadian yearling markets were trading $3 to $5 higher compared to seven days earlier. Calf prices were relatively unchanged compared to the prior week. The feeder market appears to be consolidating near historical highs.
Chicago Board of Trade wheat futures dropped on Friday after a crop tour through Kansas this week projected better-than-average yields in the top U.S. winter wheat state, analysts said.
Wholesale beef prices have jumped this week as retailers and meat processors look ahead to the Memorial Day weekend at the end of the month. The holiday is considered the start of the peak grilling season for products like steaks and hamburgers.
Chicago Board of Trade soybean futures ended mixed on Thursday as renewed worries about major flooding in southern Brazil offset data indicating lower demand for soy from U.S. processors, analysts said.
Chicago Board of Trade soybean futures ticked down on Wednesday, after the National Oilseed Processors Association (NOPA) reported that U.S. crushing plunged in April to a seven-month low.
Chicago Mercantile Exchange live cattle futures firmed for a second straight day on Wednesday as rising beef prices and strong packer demand ahead of the Memorial Day holiday weekend supported the market, analysts said.
United States wheat futures rose sharply during the week ended May 15, while corn and soybean futures at the Chicago Board of Trade (CBOT) were in a rangebound, up-and-down pattern.