Ag markets moved mostly higher Monday morning

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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 3.0 cents to $3.555/bushel by late Monday morning, while December gained 3.5 cents to $3.6575.

Soybeans are leading the crop markets higher. 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 may slow that buying. September soybean futures rebounded 14.5 cents to $10.88/bushel around midsession Monday, while November futures rallied 14.25 cents to $10.7275. September advanced 0.44 cents to 35.98 cents/pound and September soymeal added $3.8 to $359.6/ton.

Talk of international problems is boosting 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 at the U.S. markets. September CBOT wheat surged 12.75 cents to $5.47/bushel shortly before midday Monday, and September KC wheat climbed 10.5 cents to $6.4325/bushel, while September MWE wheat moved up 8.75 to $6.2475.

Cattle futures started the week on a mixed note. Despite bullish factors and wholesale strength, cattle prices across the West and in Chicago declined late last week. The expiring August contract is leading the nearby contracts higher in a seeming effort to tighten the basis, but deferred futures remain under pressure. October live cattle rose 0.37 cents to 156.37 cents/pound just before lunchtime Monday, while December edged up 0.17 cents to 156.60. Meanwhile, September feeder futures leapt 1.02 cents to 221.30 cents/pound, and November feeders surged 0.67 cents to 220.27.

Hog futures moved mostly higher Monday morning. Hog futures have recently suffered badly from bearish seasonal expectations. Cash and wholesale quotes have encouraged 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 this morning. October hog futures soared 1.27 cents to 104.10 cents/pound in late Monday morning trading, while December rallied 1.55 cents to 95.95.

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