Ag markets were mostly lower Monday night

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Corn futures declined slightly Monday night. Last week’s USDA forecast of a large 2014 U.S. corn crop weighed on prices and forced a futures test of short-term moving average support yesterday. Prices held above that level, but are testing that support again this morning. March corn edged up 0.25 cent to $4.51575/bushel in early Tuesday trading, while May lost 0.25 to $4.575.

Soybeans set back from recent highs. In contrast to corn, soybean futures have recently rallied rather strongly. A surprisingly low Brazilian crop forecast from Oil World played a big role in the advance, but traders also seemed to be reacting to a South American condition shift from too dry to too wet. Futures were apparently due to consolidate those gains last night. March soybeans dipped 4.75 cents to $13.8175/bushel early Tuesday morning, while March soyoil dropped 0.25 cents to 40.50 cents/pound, and March soymeal skidded $1.5 to $464.4/ton.

The wheat markets stalled after bouncing Monday. Wheat futures had backed away last week’s highs and tested moving average support yesterday morning. However, renewed weather concerns and Canada’s ongoing transport problems seemed to power a surprising afternoon rebound. That seems to bode well for short-term technical prospects, but futures traded mixed to lower overnight. March CBOT wheat futures slipped 0.75 cent to $6.17/bushel around dawn Tuesday, while March KCBT wheat futures slid 1.0 cent to $6.88, and March MWE futures sagged 1.75 to $6.61.

Wholesale strength seems to be boosting nearby cattle futures. News of last Friday’s cash gains appeared to offer belated support for nearby cattle futures Monday. And while the bearishly construed Cattle on Feed report weighed on deferred futures yesterday, big wholesale gains posted later in the day powered across the board gains overnight. April cattle futures rallied 0.32 cents to 141.55 cents/pound just after dawn Tuesday, while August added 0.40 to 131.20. Meanwhile, March feeder cattle advanced 0.47 cents to 170.67 cents/pound, and May rose 0.05 to 172.37.

Hog futures proved surprisingly weak Tuesday morning. Seasonally rising cash and wholesale prices boosted nearby hog futures Monday morning, but the April contract turned surprisingly weak after reaching a major technical objective in early trading. Indeed, prices continued slipping overnight despite good cash and wholesale news. This suggests a technical setback may be forthcoming. April hogs were flat at 99.25 cents/pound in early Tuesday action, while June declined 0.17 to 107.95.

Overnight equity weakness weighed on cotton prices. Talk of tight domestic supplies, particularly those deliverable against the expiring March contract, seemed to support cotton futures Monday morning. Prices then surged upward in apparent response to strong equity gains. However, stock index futures declined modestly overnight, thereby seeming to exert commensurate pressure upon fiber values. May cotton fell 0.29 cents to 89.01 cents/pound just after the sun rose over New York Tuesday, while December cotton inched up 0.03 cents to 78.28.

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