Corn prices are mixed. July continues to strengthen on tight old-crop supplies and lack of deliveries. No deliveries were reported against July futures. Weekly export inspections were supportive at 14.8 million bushels. New-crop corn is under mild selling pressure from last week’s higher than expected acreage estimate from USDA and generally favorable weather forecast for the Corn Belt over the next two weeks. September corn futures are 7 cents lower to $4.4025/bushel while the December contract is 7.5 cents to $5.0355.
Soybean futures were rather choppy on Monday morning. The negative influence of more than expected soybean planting was competing with the positive implication of low levels of soybean stocks on June 1. No severe heat and adequate soil moisture in the following two weeks were tend to create excellent condition for crop development. August soybean future inched 0.75 cents up to $14.52/bushel. August soyoil descended 0.01 cents to 46.63 cents/pound, and August soybean meal advanced $0.3 to $435.2/ton. November soybean prices dropped 7 cents to $12.45 /bushel.
After rebounding from last Friday in early trading, wheat futures were trading mixed in mid morning action. The market was still digesting last week’s late news from USDA on acreages and ending stocks. Wheat acreage was higher than expected, but ending stocks were less. Talk of Tunisia’s tender to buy 100,000 tonnes is positive news to the market. However, lack of other new international demand added downward pressure. USDA’s new crop condition report will be released this afternoon. September CBOT wheat was down 2 3/4 cents to $6.55/bushel, while September MGE wheat futures lost 2 cents to $7.73/bushel, but September KC wheat increased 1/2 cent to $6.91/ bushel.
Cattle futures are higher at midday, bouncing back after a lower start. Futures are garnering strength from positive technical signals while awaiting news regarding beef demand through the July 4th Holiday. Cash cattle were mostly steady last week at $120 per cwt. The August contract is holding just below last week’s high at $1.2312. August cattle are .65 cents higher to 122.67 cents/pound, while October is .60 cents higher to 126.27.
Hogs futures started the week slightly higher. The quarterly USDA Hogs and Pigs report last Friday stated that sow farrowing intentions for the Sep-Nov period were up 1% from 2012 and market hogs in the two largest weight categories were up 1% year over year. However, the bearish nature was offset by the persistent ongoing drop of corn prices. Higher corn acreage and favorable growing condition this year will possibly benefit the feed cost for the hogs and pigs industry. August hog futures advanced 0.375 cents to 97.825 cents/pound Monday morning, while the December contract declined 0.075 cent to 82.575 cents/pound.