Ag markets moved mostly lower Monday morning
Corn futures continued sliding Monday morning. Although short-term weather forecasts still, look hot and dry corn futures continued their Sunday night slide Monday morning. 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 6.0 cents to $4.6225/bushel by late Monday morning, while May slid 6.25 cents to $4.8325.
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 morning. The Export Inspections data met expectations. Traders may simply believe recent futures gains have fully anticipated the negative production impact of the droughty weather. November soybeans dropped 5.0 cents to 13.6275/bushel around midsession Monday, while October soyoil sagged 0.24 cents to 43.19 cents/pound, and October soymeal skidded $2.1 to $432.6/ton.
The wheat markets gave back much of Friday’s bounce this morning. 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 7.25 cents to $6.405/bushel in Monday morning action, while December KCBT wheat slumped 6.0 cents to $6.895 and December MGE futures lost 575 cents to $7.07.
Cattle futures proved rather weak Monday morning. Cattle and beef prices dipped late last week, but seemingly did little to deter moderate bullish buying into last Friday’s close. However, traders began this week in a less-than confident mood, as exemplified by the slippage exhibited by Chicago futures. October cattle futures edged 0.22 cents lower at 125.45 cents/pound just before lunchtime Monday, while December dipped 0.15 cents to 128.87. October feeder cattle tumbled 0.40 cents to 157.62 cents/pound, and January declined 0.65 cents to 157.35.
Hog futures were mixed in early Monday trading. Tight market-ready hog supplies and rising cash and wholesale prices supported hog futures late last week. However, traders were apparently wary of the country markets’ ability to sustain short-term strength for very long, since the nearby October contract suffered a surprising slide to start the week. October hog futures drooped 0.30 cents to 90.60 cents/pound late Monday morning, while December inched up 0.17 cent to 87.17.