Soybeans and meal led the crop markets higher Monday. Ideas that today’s weekly USDA Crop Progress report will show a big increase in crop harvesting weighed on corn and bean futures Sunday night. However, daily and weekly reports confirmed extremely strong demand for beans (and probably meal), which sent those markets and the other crops higher. December corn futures climbed 10.0 cents to $3.63/bushel at their Monday settlement, while May added 10.25 to $3.855.
Beans and meal surged on demand strength. The USDA announced sizeable soybean sales on daily reports this morning, then followed those with a huge total on the weekly Export Inspections report. Beans and meal surged on the evidence of vigorous demand, whereas weak palm and crude oil markets weighed on soy oil quotes. November soybean futures jumped 28.5 cents to $10.03/bushel in late Monday trading, while December soyoil slid 0.16 cents to 32.23 cents/pound, and December soymeal leapt $26.6 to $376.8/ton.
The wheat markets are followed the bean rally. Weekend news concerning wheat was rather minimal and seemed rather bearish. Today’s result on the Export Inspections report was also disappointing. Nevertheless, wheat futures followed the bean market higher. Fund short covering may have contributed to the rise. December CBOT wheat ended Monday up 5.0 cents at $5.2275/bushel, while December KC wheat rose 1.0 cent to $5.9475/bushel, and December MWE wheat lifted 4.75 to $5.7175.
Cattle traders apparently expect continued cash firmness. Last Friday’s Cattle on Feed report seemed neutral to bearish, but CME traders obviously found it no obstacle to fresh gains. The big midday beef rise probably sparked optimism about the short-term cash outlook. December live cattle futures advanced 0.92 cents to 167.82 cents/pound as Monday’s CME session ended, while April futures rallied 1.50 to 166.27. Meanwhile, November feeder cattle futures rose 0.15 cents to 234.80 cents/pound, and January feeders gained 0.55 cents to 229.45.
Seasonal worries likely depressed nearby CME hog futures. After proving surprisingly firm last Friday, December hog futures reversed to the downside today despite good midsession wholesale news. Talk of tumbling cash prices, as well as worries about much more of the same in the weeks ahead, probably undercut Chicago prices. December hog futures dove 1.20 cents to 89.05 cents/pound in late Monday action, while April hogs fell 0.90 to 88.30.