Led by the front-month contract, corn futures were pressured by profit selling actions Monday. Fundamentally, record production and flat export demand weighed on the corn market. Weekly corn export inspections were lower than trade expectations. USDA is expected to show US harvest progress at 94% complete in its last Crop Progress report. Weakening economic indicators for Japan, Europe and China added additional pressure. December corn futures lost 5.25 cent to close at $3.675/bushel Monday, while May was down 5.00 cents to $3.8925.
Soybean futures proved vulnerable and closed with moderate losses Monday, after impressive gains posted in last Friday. As soybean collections approach the final point, stockpiles of beans from record harvest indicate plentiful supplies. Rains for South America, particularly Brazil, are cited as a negative. However, huge export demand curbed the continued losses. Weak soymeal values also contributed to lower soybean prices. January soybean futures fell 5.25 cents to $10.3375/bushel at closd time on Monday, while December meal skidded $3.5 to $274.9/ton. But December soyoil added 0.51 cents to 33.20 cents/pound.
Wheat ended Monday with mostly lower. Weakness in corn and soybean markets probably added spillover pressure. USDA’s current forecast on a very strong dollar that hurts U.S. competitiveness. But on the positive side for prices, weekly wheat export inspections far exceeded the trade estimate. In addition, there is concern about potential for winterkill in parts of the U.S. Plains, S. Russia and Ukraine. December CBOT wheat fell 5.0 cents to $5.4225/bushel Monday, while December KC wheat inched 0.25 cents higher to $6.0425/bushel, whereas December MWE wheat declined 4.25 cents to $5.79.
Cattle futures moved lower Monday. The front month contract found support at the 20-day moving average. The high retail prices and the thanksgiving turkey holiday season may lead to a seasonal decrease in demand for beef. But the latest Cattle on Feed report may give market bulls pause as numbers came in stronger than anticipated in placements on feed and October marketings a little lighter than expected which leads to worry numbers might be backing up in feedlots. January feeder cattle futures fell 3.00 cents to 233.35 cents/pound, and March feeders lost 3.00 to 231.45.
Hog futures prices gave up early strong gains and closed with mostly higher. Daily slaughter number soared right before the turkey holiday on Thursday. Firm cash values provided the support. December hog futures rose 0.825 cents to 91.475 cents/pound morning, and April hogs dipped 0.075 to 92.875.