Corn futures traded lower on Friday. The market was pressured by fund selling and outside market pressure. The dollar turned higher today and the stock market was lower. Sluggish export demand is weighing on gulf basis levels and the futures market. Weekly export inspections last week were down 21% from the previous week. December closed 5 1/2 cents lower at $5.15 1/4 and March was 5 1/2 cents lower at $5.29 1/4.
Soybean futures closed solidly higher on Friday. Short-covering from the strong losses on Friday are supporting the market. There is increasing concern about dry conditions in Argentina. Strong export demand for soybeans remains a supportive factor despite recent concern about China taking steps to slow economic growth. January ended 20 cents higher at $12.21 1/2 and March was 19 3/4 cents higher at $12.28 3/4.
Wheat futures traded higher on Friday. Futures were supported by a short-covering bounce. Winter wheat condition ratings have been poor this fall and traders are expecting a 1 to 2 point decline in the good-to-excellent rating in this afternoon’s Crop Progress report. USDA confirmed the sale of 120,000 tonnes of U.S. soft white wheat to Egypt. CBOT Dec ended 1 cent higher at $6.45 1/2, KCBT Dec was 3 cents higher at $7.12 1/2 and MGE Dec closed 4 1/4 cents higher at $7.30.
Cattle futures closed lower on Monday. Strength in the dollar and weakness in the stock market weighed on futures. The Cattle on Feed report released on Friday was neutral to slightly bearish. October placements were up 1% from last year while traders were looking for it to be unchanged. Cash trade is expected to be light this week ahead of the holiday break. December was 53 cents lower at $100.93 and February ended 43 cents lower at $104.60.
Lean hog futures were mixed on Monday. The market was choppy as there is uncertainty about the direction of the cash market this week. Pork cutouts were up $1.24 on Friday and packer margins are favorable, but market ready supplies of hogs are abundant. The Cold Storage report to be released this afternoon is expected to show the lowest total pork futures since 2005. December closed 28 cents higher at $69.40 and February was 8 cents higher at $76.93 while April was 10 cents lower at $80.70.
Cotton futures traded sharply lower on Monday with the December contract down the 6 cent limit. Profit-taking continued to weigh on futures today after reaching record levels two weeks ago. Strength in the dollar and weakness in the stock market were bearish factors for commodity markets. December was 600 points lower at 121.90 cents and March ended 536 points lower at 117.79 cents.