Ag markets marched upward Monday
The crop markets started the week strongly. Although the weather remains conducive to huge fall crops, crop futures bounced in Sunday night/Monday morning action. That seemingly reflected ideas that recent losses were overdone. The weekly Export Inspections report also indicated a strong corn sales total, which apparently offered additional support. September corn bounced 6.25 cents to $3.5875/bushel in late Monday trading, while December gained 7.0 cents to $3.6925.
Soybeans led the crop markets higher Monday. Forthcoming weather will be key to the size of the fall soybean crop, so traders seemingly bought rather aggressively to start the week in seeming response to suspicions that forecast showers won’t be as widespread as many thought last week. The surprisingly poor result on the Export Inspections report slowed the buying modestly. September soybean futures rebounded 21.75 cents to $10.9525/bushel at Monday’s close, while November futures rallied 21.0 cents to $10.795. September soyoil advanced 0.58 cents to 36.12 cents/pound and September soymeal added $5.0 to $360.8/ton.
Talk of international problems boosted the wheat markets. Current U.S. wheat conditions are quite favorable, but those of several other countries, particularly France, Germany and Canada are suffering from excessive moisture. The implied tightening of the glutted global situation seemed to spark much improved buying of U.S. futures. September CBOT wheat surged 9.75 cents to $5.44/bushel as Monday’s session ended, while September KC wheat climbed 5.75 cents to $6.385/bushel, and September MWE wheat moved up 7.5 to $6.235.
Cattle futures posted a mixed close Monday. Last week’s late cash slippage and today’s wholesale weakness seemingly presaged a weak start to this week’s CME action. However, bulls were seemingly encouraged by the discounts already built into the nearby contracts. October live cattle settled up 0.22 cents to 156.22 cents/pound Monday afternoon, while December skidded 0.10 cents to 156.32. Meanwhile, September feeder futures surged 0.77 cents to 220.67 cents/pound, and November feeders rose 0.32 cents to 218.52.
Hog futures moved mostly higher Monday morning. Hog futures have recently suffered badly from bearish seasonal expectations with weak cash and wholesale quotes encouraging that pessimism. However, futures firmed late last week, which seemingly reflected suspicions that recent losses in deferred futures were overdone. Only the expiring August future traded lower today. October hog futures jumped 0.80 cents to 103.62 cents/pound in late Monday action, while December rallied 0.95 cents to 95.35.
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