Export inspections disappointed corn traders Monday. Talk of U.S. dollar strength reportedly weighed on the crop markets to start this week, despite the greenback’s early setback from last Friday’s highs. Corn traders also had to be disappointed by the weekly USDA Export Inspections report, since that result, at 735,311 tonnes, fell well short of the forecast range. May corn futures slid 1.5 cents to $3.79/bushel in late Monday trading, while December lost 0.5 to $4.0425.
The soy complex started the week rather poorly. The ongoing South American bean harvest is seemingly exerting persistent downward pressure upon the global soy market at this juncture. Crude and palm oil losses weighed on soyoil prices, while meal continued finding underlying support from vigorous protein demand. The Export Inspections result was unremarkable. May soybean futures ended Monday having dipped 4.75 cents to $9.6925/bushel, while May soyoil sagged 0.10 cents to 30.39 cents/pound, and May meal sank $3.3 to $323.7/ton.
Talk of Plains dryness apparently boosted the wheat markets. After trading sideways overnight, wheat futures surged when trading restarted this morning. Wire services cited growing dryness in the southern Plains as temperatures warmed, but traders may also have been reacting to wire service news detailing financing problems being encountered by Russian wheat farmers, which suggests diminished supplies from a major low-cost seller on the global market. May CBOT wheat rallied 12.0 cents to $5.14/bushel at Monday’s settlement, while May KC wheat surged 16.0 cents to $5.5975/bushel, and May MWE wheat advanced 13.5 to $5.81.
Cattle futures traded weakly Monday. Last Friday’s combination of U.S. dollar strength and stock losses depressed the commodity sector, with talk of flat cash trading apparently adding to the selling in the cattle pit. Despite some reports of late-day strength, industry disappointment with the results seemed to spill over into today’s trading. Modest midday gains at the wholesale level seemed to do little for the bullish cause. April cattle futures fell 1.07 cents to 153.20 cents/pound as the CME pit session ended, while August cattle declined 0.35 cents to 142.27 cents/pound. Meanwhile, April feeder cattle futures plunged 1.17 cents to 210.05 cents/pound, and August feeders dropped 0.95 to 210.25.
Rebounding pork prices supported hog futures Monday. Friday’s financial market action exaggerated pork demand fears; weakness at the cash and wholesale levels wasn’t encouraging either. The latter news weighed on early-Monday trading, but resurgent pork quotes apparently boosted futures at midsession. Warming weather might easily boost pork demand. April hog futures edged up 0.10 cents to 62.22 cents/pound at their Monday close, while June hogs gained 0.82 to 76.25.