Ag markets turned decidedly around midsession Monday

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Weather forecasts depressed grain prices Monday morning. A wide planting window this week seems likely to enable most corn farmers to complete seedings in short order. Moreover, moisture conditions seem quite favorable for early plant growth. Thus, it wasn’t terribly surprising to see yellow grain prices decline in early trading. July corn dipped 5.0 cents to $4.785/bushel to start the week, while December slid 3.5 cents to $4.775.

The soy complex rebounded late Monday morning. The nearby July bean and meal contracts appeared to follow grain prices lower to start the week, as did soyoil futures in following Asian palm values downward. However, beans and meal turned modestly higher by late morning, which may reflect firm demand implied by the Export Inspections report. July soybeans bounced 4.0 cents to $14.69/bushel around midsession Monday, while July soyoil tumbled 0.39 cents to 40.36 cents/pound, and July soymeal surged $4.5 to $484.7/ton.

Weather news also weighed on the wheat markets. The Black Sea situation seems less tense to start this week, thereby causing U.S. traders to refocus upon bearish global wheat fundamentals. Prospects for favorable short-term weather across the Great Plains didn’t helped the bullish cause either. July CBOT wheat futures fell 8.0 cents to $6.6625/bushel in early Monday action, while July KCBT wheat futures sank 4.0 cents to $7.6375, and July MWE futures dropped 6.0 to $7.3325.

COF and beef news may be supporting cattle futures. Last Friday’s monthly USDA Cattle on Feed report looked generally neutral, but the confirmation of tight feedlot supplies seems to be supporting deferred futures. Friday’s surprising wholesale gains may also be encouraging bulls somewhat. June cattle rose 0.17 cents to 138.07 cents/pound just before lunchtime Monday, while December climbed 0.52 to 145.30. Meanwhile, August feeder cattle jumped 1.40 cents to 194.72 cents/pound, and October leapt 1.50 cents to 195.87.

Cash hog losses are apparently dragging down premium CME futures. Although pork cutouts rose modestly last Friday, cash hog quotes posted losses of similar size. The fact that the summer contracts are already trading at substantial premiums over sliding cash values is apparently spurring Chicago sales. June hogs stumbled 0.32 cents to 118.60 cents/pound in Monday morning trading, and December skidded 0.05 cents to 93.72.

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