Grain traders seemed to change their minds about recent rains Monday. The crop markets surged Sunday night, with traders citing worries about excessive rainfall damaging growing crops. Those fears were seemingly rejected as the days passed, with prices turning decidedly lower. Corn futures suffered across-the-board losses. July corn sank 8.75 cents to $4.445/bushel Monday afternoon, while December tumbled 9.5 to $4.425.
The soy complex proved widely mixed. Traders seemed to conclude Monday morning that Sunday night concerns about excessive rainfall and crop damage in the western Corn Belt were overblown; that apparently triggered widespread selling, which kept meal under pressure throughout the days. Asian palm strength offered persistent support for soyoil values. Old crop futures led a late comeback in the bean pit. July soybeans rallied 9.0 cents to $14.2475/bushel at their Monday close, while July soyoil climbed 0.55 cents to 40.68 cents/pound, but July soymeal dropped $3.4 to $455.8/ton.
The wheat markets turned lower as well. The possibility that ongoing rains are damaging winter wheat and/or causing spring wheat problems seems greater than that for corn and beans. Nevertheless, wheat futures also turned downward in Monday trading. The strong result on the weekly Export Inspections report seemingly offered little support. July CBOT wheat futures settled 5.5 cents lower at $5.7975/bushel Monday, while July KCBT wheat slumped 6.75 cents to $7.14, and July MWE futures dipped 5.25 to $6.8525.
Cattle traders may be anticipating continued beef strength. Stunning wholesale gains likely played a major role in boosting cash and futures prices for cattle last week. Traders may now be expecting more of the same during the days just ahead after cutouts rose again today. August cattle advanced 0.60 cents to 146.92 cents/pound as Monday trading ended, while December jumped 1.20 to 151.70. Meanwhile, August feeder cattle vaulted 1.02 cents to 207.90 cents/pound and October leapt 1.12 to 209.45.
Concerns about a seasonal top may be stifling nearby CME hog gains. The cash hog and wholesale pork markets have been performing well lately. However, nearby hog futures posted a disappointing performance late last week, and were only mixed to higher today despite the midsession pork gains posted again today. August hog futures closed down 0.17 cents to 128.97 Monday, while December gained 0.40 cents to 96.95.