The corn market was quiet to start a fresh new week in the wake of a steep shift lower last week on supply/demand. On Friday, funds were estimated net sellers of 8,000 corn contracts. The dollar index was higher, consolidating near the 7-month high. The G20 Summit, a meeting of the world’s 20 largest economies, held in Turkey will conclude today. The world’s response to the Paris attacks will be a focus as the financial markets weigh the ramifications. December corn futures gained 0.25 cent to $3.585/bushel early Monday morning, while March climbed 0.5 cents to $3.655.
Soybean futures were neutral-lower early Monday morning ahead of the NOPA due out at 11:00 a.m. CST. According to a Reuters survey, the average estimate for October NOPA crush is 161.002 million bushels, which would make it the largest Oct NOPA crush on record, if fulfilled, exceeding the previous record of 157.960 million bushels in Oct of 2014. It would also become the fourth-largest monthly crush ever. Brazil soybeans are estimated to be at 60% planted, compared to the 71% average. Planting in Mato Grosso is 84% complete. January soybeans moved 0.75 cents lower to $8.545/bushel early Monday, while December soyoil lost 0.03 cents to 27.01 cents/pound and December meal dropped $0.40 to $288.4.
Wheat futures slipped after starting Friday higher, negating gains fromthe previous two sessions as futures attempted to recover from the 12 cent post-WASDE fall. Export sales were 227,700 tonnes, midrange from the expected 150,000-350,000 tonnes. While world weather worries, especially dryness in Ukraine, may be lending support, higher than expected US wheat ending stocks (up by 50 million bushels) and dismal exports have offset upside momentum. World supply estimates are also rising as FranceAgrimer announced revising French soft wheat stocks to 5.2 million tonnes from 4.8 million. December CBOT wheat futures lost 2.25 cents to $4.9575/bushel Friday, while Dec KC wheat climbed 1.5 cents to $4.655, and December MWE lifted 0.5 cents to $5.0575.
Live cattle futures moved lower again Friday after rallying the last two sessions. Boxed beef cutouts that were mixed with choice down 2.43 to 209.37 and select up 0.46 to 200.94. Cattle slaughter so far this week, including Sat estimate, was at 556,000 head, compared to 563,000 head last week and 564,000 head this time last year. Lower equities, the seasonal demand shift, and technical selling all weight on live cattle. December live cattle lost 2.6 cents to 130.67 cents/pound Friday, while February futures lost 2.62 cents to 132.65. January feeder cattle fell 2.85 cents to 164.55 and March feeders plunged 3.17 cents to 160.92.
Lean hog futures dove again Friday, after correcting higher the past two days on the heels of a 13 cent descent from the near-term peak of 67.85 three-weeks ago. Country hogs were flat, up 0.03 to 51.31 cents/pound while the lean hog index fell another 1.6% to 58.98. Dec hogs still sit 5 cents below the 20-day moving average. Hog slaughter so far this week was at 2.288 million head, compared to 2.360 million head last week and 2.222 million head this time last year. December hog futures lost 1.30 cents to 54.80 cents/pound Friday and April hogs slid 1.35 cents to 62.22.
ICE cotton futures traded lower Friday. Earlier in the week, the US cotton production estimate came in at 13.28 million bales, vs the average estimate for US cotton at 13.13 million bales and the Oct estimate of 13.34 million. The Nov export estimate was steady with last month at 10.20 million bales, vs the average trade expectation of 9.97 million bales. 2015/16 US ending stocks were 3.1 million bales, vs the average forecast of 3.25 million bales. 2015/16 world ending stocks were 106.09 million bales, vs 106.97 million in Oct. December cotton futures fell .41 cents to 61.68 cents/pound, while May cotton lost 0.39 cents to 62.67.