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 15 3/4 cents per bushel, July soybeans are down 11 1/2 cents, and July KC wheat is down 9 1/2 cents.
Wednesday was another day of cattle posting strong gains while hogs fell. Both markets might be overdone based on their respective moves. It is uncertain where traders may step back in and buy the break in hogs or if they will yet this week.