Corn futures continued their weekend surge Monday, with wire service reports suggesting the tight short-term situation is boosting prices in the country and in Chicago. The weekly Export Inspections report may also have provided support, although the 14.7 million bushel result seemed rather well anticipated. May corn had risen 7.75 cents to $711.25/bushel at the Monday close, while December gained 7.5 cents to $5.54.
Trader ideas that global grain and soy supplies will remain very tight over the short-term also seemed to support soybean futures Monday. The industry continues to focus upon Brazilian problems in getting their massive soybean crop to ports and onto ships, thereby boosting the nearby contracts, while undercutting their deferred counterparts. However, the weekly export inspections total was disappointing. May soybeans rallied 8.5 cents to $14.795/bushel during Monday trading, while May soyoil advanced 0.10 cents to 50.44 cents/pound, and May meal inched $2.8 higher to $438.0/ton.
The wheat market began the week trading firmly, seeming to follow corn and soybean futures higher. The weekly Export Inspections report appeared modestly bullish, since the 27.8 million bushel total came in toward the upper end of forecasts. Recent strength in the face of generally bearish weather news has been rather impressive. May CBOT wheat futures surged 3.0 cents to $7.00/bushel at its Monday afternoon settlement, while May KCBT wheat rose 2.0 cents to $7.3625, and May MGE futures edged up 2.0 cents to $7.94.
Weak cash prices depressed cattle futures last week despite a big wholesale price surge. However, traders apparently believe the cash and futures markets will climb during the days ahead. Those ideas were probably based upon anticipation of sustained wholesale strength, but weak noon beef prices apparently caused an afternoon setback. April cattle climbed 0.57 cents to 128.12 cents/pound in late-morning activity, while August added 0.37 cents to 124.65. Meanwhile, April feeder cattle gained 0.02 cents to 141.37 cents/pound, while August slipped 0.230 cents 150.32.
Hog futures seemed to react badly Monday to the big cash market losses posted last Friday afternoon; persistent pork weakness has not been helping the bullish cause either. Afternoon reports indicated that the cash market rebounded strongly, while wholesale values also rose moderately. Talk along those lines very likely limited the CME losses. April hogs settled 0.87 cents lower, at 81.15 cents/pound Monday afternoon, while June fell 0.85 cents to 90.85.