Corn futures declined again Sunday night. Ideas that forthcoming cold weather will allow a quick finish to the U.S. harvest seemed to weigh on corn futures overnight, but traders are almost surely focusing upon the late morning release of the monthly USDA Crop Production and WASDE reports. December corn futures sagged 1.0 cent to $3.665/bushel early Monday morning, while May lost 1.5 to $3.88.
Robust demand ideas continue supporting the soy complex. Spot bean and meal quotes reportedly remained firm last Friday, with talk of underlying demand strength remaining quite prominent and apparently offering persistent support over the weekend. Friday’s impressive futures rebound encouraged technical buying as well, despite today’s looming USDA reports. January soybean futures rallied 5.5 cents to $10.4225/bushel in early Monday trading, while December soyoil advanced 0.36 cents to 32.76 cents/pound, and December meal gained $3.9 to $394.3/ton.
The wheat markets are still suffering from poor export prospects. Last week’s wheat trading was dominated by developments reflecting the poor export environment. That didn’t change over the weekend, with talk of improved Russian weather and production prospects, as well as huge Indian stockpiles. As in the other markets, today’s USDA reports could move the wheat markets. December CBOT wheat slipped 1.5 cents to $5.13/bushel as Monday dawned over Chicago, while December KC wheat sank 1.75 cents to $5.6725/bushel, and December MWE wheat dipped 2.25 to $5.44.
Cattle futures closed strongly last Friday despite cash weakness. Nebraska fed cattle traded at $168.00/cwt (cents/pound) Thursday evening, but slid to $167.00 Friday. Still, nearby futures ended the week strongly. That suggests a late cash rebound and/or optimism about this week’s trading. Prices seem likely to rise on today’s opening. December live cattle futures leapt 1.45 cents to 166.80 cents/pound at Friday’s CME settlement, while April futures jumped 1.30 to 167.15. Meanwhile, January feeder cattle futures soared 1.87 cents to 232.45 cents/pound, and March feeders surged climbed 1.35 to 229.65.
Talk of a November bounce supported hog futures Friday. Hog supplies are likely to surge through late 2014. While the spot markets proved surprisingly firm before the weekend, which apparently encouraged CME hog bulls. Futures posted sizeable gains to end the week and seem likely to open well today also. December hog futures closed up 1.12 cents to 88.77 Friday afternoon, while April hogs vaulted 1.20 to 90.10.
Cotton started the week on a mixed note. The global cotton market looks well supplied at this point, especially if one counts China’s mountainous government reserve. However, short-term demand prospects have been affecting prices lately. Traders are also gearing up for today’s big USDA reports, so the mixed trading seen Sunday night wasn’t terribly surprising. December cotton futures rose 0.20 cents to 64.16 cents/pound shortly after sunrise Monday, while March futures slumped 0.16 cents to 62.45.