Export inspections disappointed corn traders. Talk of U.S. dollar strength reportedly play a sizeable role in weighing 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 sank 4.25 cents to $3.7625/bushel late Monday morning, while December lost 3.75 to $4.01.
The soy complex started the week rather poorly. The ongoing South American bean harvest is apparently exerting persistent downward pressure upon the global soy market at this juncture. Crude and palm oil are weighing on soyoil prices, while meal continues finding underlying support from vigorous protein demand. The Export Inspections result was unremarkable. May soybean futures dipped 2.0 cents to $9.72/bushel just before lunchtime Monday, while May soyoil slumped 0.02 cents to 30.47 cents/pound, and May meal edged $1.5 lower to $325.5/ton.
Talk of Russian cutbacks may have boosted the wheat markets. After trading sideways overnight, wheat futures surged when trading restarted this morning. The cause of the rise wasn’t particularly apparent, but traders seemed to be reacting to a wire service item 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 9.0 cents to $5.1/bushel around midsession Monday, while May KC wheat climbed 10.75 cents to $5.50/bushel, and May MWE wheat advanced 11.0 to $5.785.
Friday cash strength bodes well for Monday’s cattle opening. 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. Despite some reports of late-day strength, industry disappointment with the results seemed to spill over into today’s trading. April cattle futures fell 1.55 cents to 152.72 cents/pound in late Monday morning action, while August cattle declined 0.85 cents to 142.77 cents/pound. Meanwhile, April feeder cattle futures plunged 2.17 cents to 209.05 cents/pound, and August feeders dove 1.95 to 209.25.
Rebounding pork prices supported hog futures Monday morning. Friday’s financial market action exaggerated pork demand fears and 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. April hog futures edged up 0.12 cents to 62.22 cents/pound as the lunch hour loomed Monday, while June hogs gained 0.27 to 75.70.