Corn, soy slip on favorable weather in South America

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Corn futures settled lower on Monday. Corn futures ended the session lower on sharp declines in the soy complex and strength in the U.S. dollar index. The market was also pressured by forecasts for dryer conditions in Argentina, providing producers with the opportunity to resume planting of this year’s crop. The market traded sporadically on both sides of unchanged today due to pre WASDE positioning squaring. December corn futures settled 3 ½ cents lower.

Soybean futures settled sharply lower on Monday. Soybean futures tumbled on a more favorable outlook for the Argentine soybean crop. Forecasts over the next 10 days are expected to be dryer, allowing producers to resume plantings which in turned sparked rounds of long liquidation. The market was negatively affected by position squaring ahead of this week’s WASDE report. November soybean futures settled 22 ¾ cents lower.

Wheat futures settled mostly higher on Monday. Wheat futures lead the grain complex higher today despite sharp losses in the soybean market. Wheat futures at CBOT and KCBT managed to close above unchanged although well off of session highs on dry weather conditions across the U.S. Plains. Global supply worries were also supportive and the trade expects USDA to lower world ending stocks in this Friday’s WASDE report. December wheat futures at CBOT settled 2 ½ cents higher; KCBT settled ¼ of a cent higher; and MGE settled ¼ of a cent lower.

Live cattle futures closed lower on Monday. Several factors contributed to weakness in the live cattle market. First, poor demand and declining boxed beef prices had futures trading defensively most of the session. Lack of supportive fundamentals and expectations for lower cash prices this week proved bearish for the market. Declining meat consumption during the aftermath of Hurricane Sandy placed more downward pressure on livestock markets in general. December cattle closed 15 cents lower at $125.30.

Lean hog futures closed moderately lower on Monday. Lean hog futures edged lower despite futures (December) discount to the CME lean hog index. A continuation of midday pressures forced triple digit losses in deferred contracts. Decreased meat consumption as a result of last week’s hurricane was negative for prices during today’s trading session. Currently demand for pork products is struggling while supply remains plentiful. Cash trade was reported as steady. December hog futures closed 83 cents lower at $77.00.

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