Soybean Futures End Higher, Corn Firmer
Corn: December corn rose 3 1/4 cents to $6.80 3/4, the contract’s highest close since Sept. 22. Corn climbed overnight on followthrough from Friday’s lower-than-expected USDA stocks data but trimmed gains as wheat markets faded from initial strength. U.S. corn harvest is expected to be 22% complete at the start of this week, up from 12% a week earlier.
Soybeans: November soybeans rose 9 1/4 cents to $13.74, after dropping earlier to an eight-week low of $13.61 /4. December soymeal rose $2.30 to $405.30. December soyoil rose 178 points to 63.34 cents. Soybeans rose in a corrective rebound from sharp losses Friday, with support from crude oil. The U.S. soybean harvest is expected to be 20% complete at the start of this week, up from 8% a week earlier.
Wheat: December SRW wheat fell 9 1/2 cents to $9.12. December HRW wheat dipped 2 3/4 cents to $9.88 3/4. December spring wheat fell 2 cents to $9.80. Wheat futures fell under mild corrective selling and profit-taking after bullish USDA crop data sent prices near three-month highs Friday. USDA is expected to report 44% of the U.S. winter wheat crop planted as of Sunday, compared to 31% last week.
Cattle: December live cattle rose 97.5 cents to $148.025, the contract’s highest closing price since Sept.23. November feeder cattle rose $1.425 to $176.05. Live cattle futures saw little follow-though selling from Friday’s declines and climbed on corrective buying and short covering as strength in outside markets like crude oil and U.S. equities supported ag commodities.
Hogs: December lean hogs rose $1.50 at $77.725. Hog futures were supported by corrective buying and short covering in the wake of steep losses late last month. But weakness in cash market fundamentals likely will limit upside in futures. The CME lean hog index fell 23 cents to $94.91, the lowest since mid-February. Tuesday’s projected index is down another 58 cents at $94.33.