Corn seemed to follow soybeans lower Monday morning. The corn market prices slipped in Sunday night action, which probably reflected the fact that it ended last week just below its intermediate-term moving averages. This morning’s USDA Export Inspections report stated last result at 1.28 million tonnes, which easily topped forecasts, but that apparently did little to boost the market. The poor soybean result may be weighing on the whole crop complex. May corn futures dipped 4.5 cents to $3.8875/bushel late Monday morning, while December slid 4.5 to $4.1325.
The soyoil market may be limiting losses across the soy complex. Brazilian officials cracked down on striking truckers blocking most highways over the weekend, which seems likely to get soybeans flowing to their ports once again. Soyoil followed palm oil quotes higher in early trading, which seemingly lent support to beans and meal. However, the Export Inspections data were disappointing, thereby undercutting prices. May soybean futures dropped 10.75 cents to $10.21/bushel around midsession Monday, while May soyoil rose 0.03 cents to 32.98 cents/pound, and May meal declined $6.8 to $335.6/ton.
Technical selling seemed to cap the early-week wheat rally. The wheat markets ended last week firmly in response to concerns about the damage potentially being done to winter wheat by arctic temperatures in the western Plains and Black Sea region. Futures continued rising over the weekend, but bulls couldn’t sustain the advance. The Export Inspections report seemed somewhat supportive. Similar to today’s corn action, the most-active wheat contracts apparently failed at short-term moving average resistance. May CBOT wheat fell 8.75 cents to $5.0425/bushel as the lunch hour loomed Monday, while May KC wheat slumped 7.25 cents to $5.3225/bushel, and May MWE wheat sank 6.25 to $5.6025.
Cash strength apparently spurred today’s strong CME cattle gains. Beef prices surged last week, which certainly suggested beef packers might be induced to pay up for cattle. That apparently proved to be the case Friday afternoon, when western Plains animals reportedly traded around $159.00/cwt (cents/pound), which was essentially steady with the week prior. That news, along with possible seasonal optimism seemed to spur today’s torrid opening. April cattle futures leapt 1.97 cents to 153.67 cents/pound in late Monday morning action, while August cattle jumped 1.27 cents to 143.32 cents/pound. Meanwhile, April feeder cattle futures soared 1.85 cents to 202.17 cents/pound, but August feeders vaulted 1.47 to 202.65.
Hog traders seem cautiously optimistic. The cash hog markets rallied strongly last week, whereas pork cutouts only bounced on Friday after big early-week losses. One suspects the surprisingly pork weakness had made traders cautious about banking on persistently large cash market gains as the spring grilling season looms. April hog futures climbed 0.47 cents higher at 67.95 cents/pound just before lunchtime Monday, while June hogs advanced 0.60 to 83.47.