Corn futures resumed their late slide Monday. Although short-term weather forecasts still look hot and dry, corn futures began sliding again Sunday night and continued downward Monday. Ideas that the corn crop is largely made probably limited the impact of supportive news. Moreover, the weekly Export Inspections report very likely disappointed bulls. December corn fell 4.75 cents to $4.635/bushel by late Monday, while May slid 4.75 cents to $4.8475.
The soy complex couldn’t sustain its Sunday night advance. The latest weather forecasts still imply persistently hot, dry weather during the days ahead, but soybean and product futures proved unable to sustain their bullish weekend move Monday. Nearby futures losses suggest cash weakness undercut the markets. Traders may simply believe recent futures gains have fully anticipated the negative production impact of the droughty weather. November soybeans closed down 11.25 cents at 13.565/bushel Monday afternoon, while October soyoil dove 0.55 cents to 42.88 cents/pound, and October soymeal skidded $4.1 to $430.6/ton.
The wheat markets gave back much of Friday’s bounce in Monday action. After posting their first rise since August 26 last Friday, wheat futures declined to start this week. Concurrent slippage in the corn and bean pits apparently weighed upon golden grain values, as did ideas that the summery weather will help farmers complete the spring wheat harvest very quickly. December CBOT wheat sank 6.5 cents to $6.4125/bushel at Monday’s settlement, while December KCBT wheat slumped 7.0 cents to $6.885 and December MGE futures lost 10.0 cents to $7.0275.
Cattle futures proved rather weak Monday. Futures rallied last Friday despite late-week cattle and beef losses, but could not buck the downward wholesale trend at the start of this week’s action. Weak sales figures on the weekly beef report very likely discouraged bulls. October cattle futures edged 0.32 cents lower to 125.35 cents/pound as trading wound down Monday, while December tumbled 0.30 cents to 128.72. October feeder cattle dipped 0.03 cents to 158.05 cents/pound, and January declined 0.05 cents to 157.95.
Hog futures posted mixed gains Monday. Tight market-ready hog supplies and rising cash and wholesale prices supported hog futures again on Monday. Traders were apparently wary of the country markets’ ability to sustain short-term strength for very long, but the midsession pork gain almost surely offered considerable encouragement. October hog futures settled 0.02 cents higher at 90.87 cents/pound Monday, while December climbed 0.62 cent to 87.62.