Ag markets moved mostly lower Monday morning

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Corn futures followed soybeans lower Monday morning. After trading around unchanged levels Sunday night, corn futures turned lower in response to talk of improving South American weather and concurrent soybean losses. Traders seemingly ignored the supportive result on the weekly Export Inspections report. March corn tumbled 5.25 cents to $4.1925/bushel in Monday morning action, while May slid 5.25 to $4.275.

Soybeans reversed sharply in early Monday trading. Talk of strong export demand seemed to support soybean prices over the weekend, but futures reversed rather sharply in reaction to talk that China had rejected a shipment of U.S. beans. The Export Inspections report also disappointed. Oil remained firm, but meal declined in concert with the bean market. January soybean futures dove 11.0 cents to $13.255/bushel around midsession Monday, while January soyoil gained 0.29 cents to 40.75 cents/pound, and January soymeal lost $6.9 to $429.7/ton.

Wheat markets followed corn and beans lower. Although traders still harbor concerns about the impact frigid weather may have upon U.s. winter wheat later this week, futures turned downward in concert with the corn and soybean markets. The favorable result on the weekly USDA Ex[port Inspections report seeming did little to limit losses. March CBOT wheat futures fell 6.0 cents to $6.6275/bushel in early Monday trading, while March KCBT wheat futures sank 3.5 cents to $7.0575, and March MWE futures tumbled 4.5 to $7.03.

Cattle futures began the week rather weakly. Despite talk of frigid Great Plains weather later this week and modest cash gains late last week, cattle futures were mixed to lower Monday morning. The general weakness may mark a response to ideas that the market is due for a technical setback after last week’s surge. February cattle futures were steady at 134.25 cents/pound just before lunchtime Monday, while April futures skidded 0.15 cents to 134.82. Meanwhile, January feeder cattle slipped 0.05 cents to 165.42 cents/pound, and March feeders slumped 0.02 cents to 165.65.

Ideas that hogs have bottomed are seemingly attracting buying. Cash hog and wholesale prices firmed last Friday. Moreover, the CME lean hog index turned upward after having declined steadily for weeks. Traders probably think fall lows are in, so they’re buying nearby futures as a consequence. February hog futures gained 0.20 cents to 85.77 cents/pound late Monday morning, while June rose 0.02 to 100.45.

Cotton futures dipped in Monday morning trading. Cotton futures seemingly declined early this morning in response to a report indicating 2013 Chinese buying for official stockpiles is running about 10% behind last year. The bearish reversal suffered by the grain and soy markets probably added to the downward pressure. March cotton futures declined 0.40 cents to 78.95 cents/pound just before noon Monday, while July cotton dropped 0.45 to 79.85.

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