Crop markets changeable late Monday morning

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Corn futures followed wheat higher Monday morning. After declining in early trading, corn futures bounced modestly later in the morning. The yellow grain seemed to follow wheat higher despite a general lack of news. Heavy weekend rainfall over the Corn Belt may given rise to ideas that it will cause harvest problems in some areas. December corn bounced 3.0 cents to $4.54/bushel around midsession, and May added 3.0 cents to $4.75.

The soy complex moved lower in late Monday morning action. Soybeans and oil were weak in early Monday trading, while meal had risen slightly. The weekly Export Inspections report from the USDA seemed very supportive, since the stated figure, at 16.793 million bushels, easily topped expectations. Futures’ subsequent inability to rise substantially on the news seemingly sparked fresh selling. November soybeans dropped 3.75 cents to $13.115/bushel just before lunchtime Monday, while October soyoil slid 0.28 cents to 41.81 cents/pound, and October soymeal crept up $0.5 to $413.9/ton.

Wheat futures rose in early-week trading. Chinese officials stated over the weekend that the spring weather that ruined a large portion of the country’s winter wheat crop will very likely cause it to boost its 2013/14 wheat imports substantially. Although this wasn’t exactly unexpected, it confirmed bullish ideas held by many traders. December CBOT wheat climbed 7.5 cents to $6.5375/bushel early Monday morning, while December KCBT wheat gained 5.75 cents to $6.985, and December MGE futures edged up 1.75 cents to $7.015.

Cattle futures rallied in reaction to Friday afternoon events. As pointed out late Friday, the monthly USDA Cattle on Feed report was generally regarded as being bullish for deferred live cattle futures. Moreover, it apparently persuaded beef packers to raise their bids for fed cattle later in the afternoon, with country cattle reportedly trading $1-$2/cwt higher than they had the week prior. October cattle futures surged 0.82 cents to 126.77 cents/pound as the lunch hour loomed Monday, while December climbed 0.85 cents to 130.60. Meanwhile, October feeder cattle jumped 1.52 cents to 161.75 cents/pound and January leapt 1.17 cents to 161.57.

Hog futures seemed to follow cattle higher. Late-Friday pork reports indicated significant gains, which seemingly supported the swine market somewhat in early trading. The fact that cattle and feeder futures were rising sharply probably sparked spillover buying in the swine pit. October hog futures advanced 0.17 cents to 90.22 cents/pound in late Monday morning activity, while December lifted 0.35 cents to 86.42.

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