Favorable weather again weighed on corn futures Monday. After bouncing somewhat Sunday night, corn futures turned decidedly lower today. That almost surely reflected currently favorable growing conditions, as well as benign early-summer forecasts. Futures also failed at technical resistance in early-morning action. July corn dropped 6.0 cents to $4.41/bushel at its Monday settlement, while December slid 5.5 cents to $4.42.
Cash weakness reportedly depressed the soy complex. Talk of old crop situation apparently supported beans and meal early Monday morning, although oil declined despite Asian palm strength. The weekly Export Inspections and monthly NOPA crush reports also looked moderately bullish. However, futures couldn’t sustain gains, with traders blaming cash weakness for the CBOT losses. July soybeans gained tumbled 4.0 cents to $14.2175/bushel as Monday’s pit session ended, while July soyoil sagged 0.19 cents to 39.50 cents/pound, while July soymeal fell $5.5 to $462.4/ton.
Wheat markets also moved generally lower Monday. The central U.S. has recently been blessed with plentiful rains, thereby boosting prospects for spring-planted crops and undercutting spring wheat prices. And while the moisture may be hurting winter wheat quality, today’s Export Inspections report seemed pretty disappointing. Wheat futures posted across-the-board losses. July CBOT wheat futures closed 5.0 cents lower at $5.81/bushel shortly Monday, while July KCBT wheat sank 5.0 cents to $7.0825 and July MWE futures lost 4.25 to $6.80.
Cattle futures seemed to follow hogs lower Monday. Last week’s surprising rise in cash cattle prices triggered a major advance in CME cattle prices. However, bulls couldn’t sustain the upward momentum today despite sizeable beef gains; that probably reflected bearish spillover from the hog pit. August cattle settled down 0.17 cents at 146.45 cents/pound Monday afternoon, while December skidded 0.05 to 151.70. Meanwhile, August feeder cattle rallied 0.55 cents to 208.70 and October surged 0.77 to 209.57.
Friday’s cash and wholesale news sent hog futures today. 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. Midsession reports looked quite supportive, but bears had already stampeded the market at that point. August hog futures plummeted 3.00 cents to 128.27 as pit trading ended Monday, while December dove 2.25 cents to 96.17.