After firming after the Chicago open, corn futures weakened before midday. Talk that cash bids have stabilized as farmers have slowed sales seemingly limited losses in September CBOT futures, whereas fine summer weather and its apparent implications for a huge fall harvest weighed upon the deferred contracts. September corn futures slipped 1.5 cents to $4.905/bushel around midsession Monday, while December dipped 4.0 cents to $4.72.
Old crop tightness seemingly affected soybean futures again Monday morning. Despite the general belief that buyers can bridge the time frame until freshly harvested beans are available, fresh evidence of domestic old-crop tightness apparently boosted nearby bean and meal futures Monday morning. In contrast, expectations for an outstanding fall crop facilitated by favorable weather once again depressed the new crop contracts. August soybean futures sank 0.25 cent to $13.495/bushel in late Monday morning action, while August soyoil continued dropping in concert with palm oil prices; the nearby contract dove 1.02 cents to 42.56 cents/pound. August soymeal edged downward $0.7 to $429.6/ton, whereas November beans lost 17.0 cent to $12.115.
Wheat futures continue outperforming their corn and soy counterparts. Despite the general crop market weakness implied by benign weather forecasts and potentially massive autumn corn and soybean harvests, wheat futures again held up remarkably well in early Monday trading. The prospect of huge Chinese buying is reportedly offsetting those bearish influences, especially after the weekly Export Inspections slightly exceeded expectations. September CBOT wheat were unchanged at $6.5025/bushel just before lunchtime Monday, while September KCBT wheat added 0.25 cents to $6.9175 and September MGE futures inched 0.5 cent lower to $7.36.
Cattle traders seemingly expect persistent short-term gains. The fact that cash prices rose last week after stalling through much of July seemingly sparked CME buying. The fact that August futures bounced from major support on Thursday probably prompted technical buying as well, especially with the market having a history of early August strength. August cattle advanced 0.57 cents to 122.37 cents/pound as traders started thinking about lunch Monday, while December lifted 0.27 cents to 128.92. August feeder futures surged 0.77 cents to 153.37 cents/pound, while November climbed 0.67 cents to 159.60.
Hog futures were mixed Monday morning. That seemingly reflected the confused nature of cash and wholesale trading last Friday. Traders may also be confused about the potential impact, if any, of last week’s surprisingly small kill, especially when viewed within the context of the cash market’s history of early-August weakness. August hog futures rose 0.12 cents at 97.90 cents/pound around midsession Monday, while December slid 0.27 cents to 81.57.