Keith Kisling normally has 1,500 head of cattle on his land near the Oklahoma-Kansas border. Last year’s U.S. drought changed all that. For the first time in four decades as a farmer and rancher, he has none.
Cattle futures rose the most in a month on speculation that U.S. meatpackers will increase purchases amid shrinking supplies. Hogs declined.
Wheat futures fell to a one-week low on signs that rains in the U.S. Great Plains this month have improved prospects of winter crops emerging from dormancy.
Soybean futures fell to an 18-month low on speculation that wet, cool weather will boost crops in the U.S., the world’s biggest grower. Corn dropped, while wheat gained.
Soybean futures rose for the first time in four days on speculation that U.S. growers won’t swing acreage away from corn after rain slowed grain sowing.
Wheat rose the most in four weeks as export sales surged to the highest in almost two years in the U.S., the world’s biggest shipper. Corn and soybeans climbed.
Wheat futures fell to the lowest since June as rain boosted prospects for the U.S. winter crop set to emerge from dormancy. Corn prices tumbled the most in five months.
Wheat surged the most in three months after a government report showed stockpiles were lower than expected in the U.S., the world’s biggest exporter, as demand climbed.
"We do need to have rains to fill the pods on the crop."
- Brian Hoops on Jul 24, 2014