Corn futures seemed to suffer from a lack of fresh news Tuesday morning. After continuing to rise in the wake of last Friday’s supportive USDA reports Monday night, corn futures dipped this morning. The lack of USDA news due to Monday’s holiday probably didn’t help. Traders are waiting on the weekly Export Inspections report coming out later. December corn futures slumped 0.5 cent to $4.3425/bushel around midmorning Tuesday, while May slid 0.25 cent to $4.5525.
Oil prices are leading the soy complex higher. Soybean and product futures gained moderately on bullish vegoil developments Monday night. Those gains increased soon after the CBOT pit session commenced, since the USDA announced sizeable sales of beans and oil around midmorning. Technical buying pushed prices sharply higher in late-morning action. January soybean futures climbed 13.25 cents to $13.2125/bushel by midsession Tuesday, while December soyoil surged 0.60 cents to 41.02 cents/pound, and December soymeal edged up $3.9 to $426.0/ton.
The wheat markets remained firm despite the corn reversal. Wheat traders seemingly took their cue from concurrent increases in corn and soy futures in early Tuesday trading. They sustained those modest gains despite the corn decline, possibly in hopes of seeing the Export Inspections figure top depressed expectations. December CBOT wheat futures rallied 2.5 cents to $6.4875/bushel soon after Tuesday’s pit opening, while December KCBT wheat futures moved up 2.5 cents to $7.0875, and December MWE futures lifted 2.5 to $7.07.
Cattle traders were mixed Tuesday morning. Last Friday’s late cash strength have given rise to expectations for further cattle market gains later this week, especially if wholesale demand improves seasonally. Traders are now awaiting holiday-delayed reports about this week’s early developments with considerable uncertainty. December cattle futures slipped 0.05 cents to 132.70 cents/pound around midmorning Tuesday, while April futures skidded 0.20 to 135.07. Meanwhile, January feeder cattle bounced 0.50 cents to 164.67 cents/pound on dipping corn prices, while March feeders advanced 0.35 cents to 164.67.
Rising supplies seemed to weigh upon hog futures in Tuesday morning trading. Although the cash hog and wholesale pork markets ended last week on a firm note, traders seem to be worrying about the potential for surging supplies during the days ahead. Rising weights certainly seem to be pointing in that direction. December hog futures slid 0.12 cents to 87.92 cents/pound in midmorning action, while April sank 0.05 to 94.00.