Corn futures continued their weekend surge Monday morning, with wire service reports suggesting the tight short-term situation is boosting prices in the country and in Chicago. The weekly export inspections report may also have provide support, although the numbers seemed rather well anticipated. May corn had risen 8.25 cents to $711.75/bushel late Monday morning, while December gained 6.25 cents to $5.5325.
Trader ideas that global grain and soy supplies will remain very tight over the short-term also seemed to be supporting soybean futures Monday morning. The industry continues to focus upon Brazilian problems in getting their massive soybean crop to ports and onto ships, thereby boosting the nearby contracts, while undercutting their deferred counterparts. Conversely, the weekly export inspections total was disappointing. May soybeans had rallied 2.0 cents to $14.73/bushel around mid-session Monday, while May soyoil advanced 0.08 cents to 50.42 cents/pound, and May meal inched $0.5 lower to $434.7/ton.
The wheat market began the week trading firmly, then moved moderately higher in reaction to the weekly Export Inspections report. Traders were reportedly expecting a total around 24.0 million bushels, whereas the actual result topped 27.8 million. May CBOT wheat futures surged 6.0 cents to $7.03/bushel by late Friday morning, while May KCBT wheat rose 4.0 cents to $7.3825, and May MGE futures climbed 4.5 cents to $7.9625.
Weak cash prices depressed cattle futures last week despite a big wholesale price surge. However, traders apparently believe the ongoing rise in beef values will continue this week, which in turn is encouraging them to expect rising prices at both the cash and futures levels during the days ahead. April cattle climbed 0.82 cents to 128.37 cents/pound in late-morning activity, while August added 0.42 cents to 124.70. Meanwhile, April feeder cattle gained 0.35 cents to 141.70 cents/pound, while August was boosted 0.30 cents to 150.85.
Cash hog prices fell sharply last Friday afternoon, while pork values continued their recent decline. Those developments almost surely played a major role in the weakness experienced in CME lean hog futures this morning. Traders are probably worried that the general hog/pork will continue seasonally into early April. April hogs dove 01.02 cents to 81.00 cents/pound around midsession Monday, while June fell 1.30 cents to 90.40.