Ag markets generally mixed to weak Monday morning

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Favorable weather is again weighing on corn futures. After bouncing somewhat Sunday night, corn futures turned decidedly lower this morning. That almost surely reflects currently favorable growing conditions, as well as benign early-summer forecasts. Futures also failed at technical resistance in early-morning action. July corn dropped 5.75 cents to $4.4125/bushel around midsession Monday, while December slid 5.25 cents to $4.4225.

The NOPA crush report temporarily supported the soy complex. The tight old crop situation reportedly spurred buying of nearby beans and meal early Monday morning, although oil declined despite Asian palm strength. The weekly Export Inspections report also looked moderately bullish. That didn’t change after the late-morning release of the monthly NOPA crush report, which was seen as supportive of the complex. Beans rallied in response but quickly reversed. July soybeans gained rose 0.25 cent to $14.26/bushel in late Monday morning action, while July soyoil sagged 0.15 cents to 39.54 cents/pound, while July soymeal dipped $2.0 to $465.9/ton.

Weather news may be stalling wheat moves. The central U.S. has recently been blessed with plentiful rains, thereby boosting prospects for spring-planted crops. That may be depressing spring wheat prices somewhat. However, the moisture may be hurting winter wheat quality as harvest looms. Developing issues with global crops may also be offering support. July CBOT wheat futures slipped 4.0 cents to $5.82/bushel shortly before lunchtime Monday, while July KCBT wheat sank 4.5 cents to $7.0875 and July MWE futures lost 3.0 to $6.8125.

Cattle futures remained strong Monday morning. Last week’s surprising rise in cash cattle prices triggered a major advance in CME cattle futures, since the contra-seasonal bounce suggested limited downside potential for the balance of summer. That’s probably why futures remained quite firm to start this week. August cattle stabilized at 146.62 cents/pound in late Friday morning trading, while December stalled at 151.75. Meanwhile, August feeder cattle skidded 0.07 cents to 208.07, whereas October gained 0.02 to 208.82.

The latest cash and wholesale news seems to be undercutting hog futures. Last Friday’s late reports indicated modest late-week cash losses and a sizeable drop in pork cutout. Those almost surely disappointed bulls looking for a big seasonal surge. Today’s early talk also seems less than supportive, as implied by the big CME losses. August hog futures plummeted 2.75 cents to 128.52 late Monday morning, while December dove 2.02 cents to 96.40.

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