Grains Plummet as Equities Reach New Heights
Corn futures fell sharply on Tuesday, August 4, as the market reversed Monday's gains. December corn prices dropped 7 cents to $4.65 1/2, nearing its daily low. The soybean complex saw a similar decline, with November soybeans falling 14 1/2 cents to $11.77 3/4 and hitting a four-week low. September soybean meal lost $2.70 to $312.70, while September soybean oil dropped 59 points to 68.20 cents.
Wheat futures also declined, with September SRW falling 12 1/2 cents to $6.38 1/2 and September HRW losing 10 1/4 cents to $7.07. The cattle market continued its upward trend, however, with October live cattle rising $1.175 to $227.90 and September feeder cattle increasing $3.60 to $346.15.
According to Pro Farmer's After the Bell report by Lindsey Pound, the lean hog futures market saw modest short covering on Tuesday but bears still have momentum and confidence.