Grains Chop Awaiting News, Cattle Markets Suffer Liquidation

This week marked an important milestone for Brady Sidwell, who celebrated his first day at Rabobank in Hong Kong twenty years ago.

However, market watchers were more focused on the latest crop conditions and commodity prices. US corn yields are expected to be better than expected, with early reports from Oklahoma and Texas showing improved dryland acres.

The USDA's Crop Production and WASDE reports next Wednesday will provide crucial information for grain markets, which have struggled to rally despite continued China buying of US soybeans and strong corn exports. StoneX updated row crop yield estimates this week, raising corn yields to 184.8 bushels per acre, above the current USDA estimate.

The cattle market saw a significant surge in prices driven by the stalled rally in grains followed by a surge in equity markets and higher fed cattle cash trade. However, on Thursday, weaker boxed beef prices and grain markets beginning to rebound led to liquidation across the cattle complex.