Crop futures firmed Monday

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Corn futures followed the soy markets higher. The prospect of a huge fall crop has badly depressed corn futures, but prices rebounded in concert with the soy complex Monday. Talk of surging export demand for soybeans and dryer August weather is apparently supporting the markets. Traders were probably disappointed by the Export Inspections result, but futures acted well anyway. September corn gained 4.75 cents to $3.5775/bushel at their Monday close, while December rose 5.0 cents to $3.7675.

The soy complex topped significant technical resistance Monday. Talk of strong bean sales to China, as indicated by early-morning news and the Export Inspections report, as well as signs of persistent Corn Belt dryness boosted bean and product prices to start the week. The nearby bean and meal contracts also overcame resistance associated with their 20-day moving averages, which sparked additional gains. August soybean futures jumped 24.25 cents to $12.365/bushel in late Monday action, while November futures surged 24.0 cents to $11.075. August soyoil bounced 0.43 cents to 36.52 cents/pound and August soymeal added $4.8 to $402.8/ton.

The wheat markets remained generally weak. Wheat futures have been blessed with little news lately, but today’s Export Inspections report likely disappointed bulls. The published figure at 396,000 tonnes fell slightly below the forecast range. Futures actually bounced from overnight lows, but also failed at moving average resistance Sunday night. September CBOT wheat settled down 3.25 cents at $5.3475/bushel Monday afternoon, while September KC wheat slumped 5.75 cents to $6.255/bushel, and September MWE wheat dropped 6.5 cents to $6.2125.

Nearby cattle futures seemingly lost their upward momentum Monday. Last week’s cash and wholesale news looked extremely bullish for the late-summer cattle outlook. However, the sheer size of the cash surge has seemingly persuaded many that the move may be peaking. October & August futures turned lower on the day, whereas feeders continued soaring. August live cattle skidded 0.05 cents to 159.05 cents/pound at their Monday settlement, but December ascended 0.47 cents to 159.25. Meanwhile, August feeder futures leapt 1.92 cents to 220.17 cents/pound, and October feeders soared 2.00 to 220.85.

Hog futures couldn’t sustain Monday’s opening gains. Strength spilling over from the cattle market and talk of slowing cash losses apparently sparked CME hog gains upon today’s opening. However, the cattle reversal and concerns about a potential late-summer confluence of increased supply and reduced demand seemed to come to the fore soon thereafter. August hog futures edged up 0.05 cents to 123.67 in late Monday action, while December fell 0.80 cents to 97.35.


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