Ag markets proved decidedly mixed Monday

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Crop tour results may have depressed corn futures Monday. Corn futures proved unable to sustain their Sunday-night follow-through to last week’s late rally Sunday night. Wire service sources cited a private crop tour now being performed, with traders once again keying upon forecasts for a huge fall harvest. September corn sank 5.0 cents to $3.6275/bushel at Monday’s close, while December slumped 5.5 to $3.715.

Talk of cash firmness reportedly boosted the soy complex. Persistent signs of demand strength, particularly last Friday’s NOPA crush report and today’s reports of Midwest cash firmness continue supporting the soy complex. The oil market bounced slightly in response to weekend stability in the Asian palm market. Conversely, the prospect of a massive fall harvest is probably limiting gains. September soybean futures surged 13.0 cents to $11.155/bushel in late Monday trading, while November futures gained 5.75 cents to $10.5775. September soyoil rose 0.09 cents to 32.96 cents/pound, and September soymeal added $3.8 to $392.1/ton.

The wheat markets started the week rather poorly. Wheat futures rallied late last week as the industry worried about a Russian invasion of Ukraine and a resulting shortage of wheat coming from the Black Sea region. Little actually seemed to happen over the weekend, so traders appeared to reverse their positions today. September CBOT wheat fell 8.75 cents to $5.425/bushel as Monday’s pit session ended, while September KC wheat dipped 2.0 cents to $6.1775/bushel, and September MWE wheat sagged 3.75 to $6.0825.

Cattle futures rallied to start the week. The cattle market reacted well when beef packers posted firm cash bids late last week. Traders apparently still expect short-term weakness, as indicated by sizeable discounts built into CME prices. Thus, recent country firmness probably looked bullish. October live cattle futures advanced 0.80 cents to 148.55 cents/pound at their Monday settlement, while December futures lifted 0.75 to 151.65 cents/pound. Meanwhile, September feeder futures climbed 0.97 cents to 216.07 cents/pound and November futures jumped 1.05 to 214.70.

CME hogs rebounded from five-month lows. Despite trader suspicions that Labor Day demand from grocers will soon power a bounce in cash hog and pork prices, CME futures dove to their lowest levels since February. That apparently reflected talk of seasonally surging hog supplies. However, bulls proved able to sustain a sizeable comeback. October hogs closed 0.15 cents to 95.10 cents/pound, while December slid 0.17 cents to 88.87.

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