Corn futures settled 21 to 29 cents higher on Monday. New crop contracts were strengthened as dry weather concerns returned. Crops are expected to see stressful conditions over the next 7 to 10 days as temps across the Midwest are forecasted to increase. Analysts are expecting a 2 percentage point decline in the corn condition rating after weeks of dry, moisture depleted crops. Corn prices were also supported by the weekend elections in Greece which uplifted outside market indexes.
Soybean futures settled 13 to 25 cents higher on Monday. Weather concerns pushed market prices higher today. New crop contracts edged higher on dry weather forecasts across the U.S. Midwest. Corn and soybean crops are considered to be stressed from recent weeks of dry conditions and analysts have estimated a 2 percentage point decrease in today’s soybean condition rating. The market traded higher as tensions concerning the EU debt crisis eased due to this weekend’s Greek election of the pro-bailout political party.
Wheat futures settled 12 to 21 cents higher on Monday. The market was pulled higher by sharp gains in the corn market. Weekend elections in Greece proved favorable for all commodities in general provoking bullish reactions to higher outside market conditions. Wheat export inspections were pegged at 43.0 million bushels, well above estimates of 21 million – 25 million bushels. However, long term fundamentals remain bearish and a turn in the corn market could cause wheat futures to decline.
Cattle futures closed 80 cents to $1 higher on Monday. Cattle futures closed higher due to market short covering, spillover strength in the hog market and higher outside markets. For the time being, this weekend’s Greek elections were beneficial for all commodity groups. Boxed beef prices were down at noon, which weighed on futures prices. Trade in the cash market was undeveloped but is expected to be steady.
Lean hog futures closed 50 cents to $2 higher on Monday. Hogs futures closed strong on follow through buying from last week’s gains. The market was supported as supplies tightened, creating higher prices in the cash market. Currently, fundamentals of the market remain favorable for prices. Steady to higher pork cutout prices are boosting futures prices as well. Trade in the cash market was reported as steady to higher today.