Crop markets remained weak Monday morning

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Weather news continues depressing crop futures. The corn market remains under pressure early this week after the latest forecasts indicate current heat will be followed by cooler and milder conditions through late July. Thus, a large fall harvest seems virtually assured. The weekly Export Inspections report was neutral. September corn fell 7.0 cents to $3.6425/bushel late Monday morning, while December lost 6.25 cents to $3.7225.

The soy complex is trading rather mixed around midsession Monday. As in the corn market, forecasts for favorable weather through late July are depressing new-crop soybean and product prices. However, announcements of sizeable bean and meal sales this morning are apparently supporting old-crop futures. August soybean futures slipped 4.25 cents to $11.725/bushel in late Monday morning action, while November futures tumbled 18.0 cents to $10.6725. August soyoil sagged 0.31 cents to 36.26 cents/pound and August soymeal skidded $0.8 to $379.5/ton.

The Export Inspections data may be supporting the wheat markets. Prospects for fine midsummer weather also seem to spurring selling of wheat futures. Still, one has to suspect prices would be even lower if not for the uncertainty surrounding the Black Sea situation and the supportive result on the midmorning Export Sales report. September CBOT wheat dropped 6.0 cents to $5.2625/bushel shortly before midday Monday, while September KC wheat slid 6.75 cents to $6.27/bushel, and September MWE wheat slumped 9.25 cents to $6.21.

Cattle traders may expect short-term cash strength. Despite a sizeable drop in beef prices last Friday, CME cattle futures began this week strongly. One has to suspect the industry has become more optimistic about short-term price prospects after seeing cash cattle prices hold up remarkably well during early July. August live cattle jumped 0.65 cents to 152.27 cents/pound around midsession Monday, while December climbed 0.47 cents to 155.02. Meanwhile, August feeders gained 0.25 cents to 211.95 cents/pound, and October added 0.30 to 212.85.

CME hogs are trading mixed again on Monday. CME hog traders apparently believe cash prices hit their summer peak last week and will decline seasonally for the foreseeable future. That largely explains slumping nearby futures. However, the deferred contracts are mixed, with the December contract proving quite firm. Bulls seemingly think the winter outlook justifies moderate optimism. August hog futures plunged 1.27 cents to 125.80 cents/pound in Monday morning trading, while December bounced 0.35 cents to 103.95.

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