After firming following the Chicago open, corn futures weakened later on Monday. Talk that cash bids have stabilized as farmers have slowed sales seemingly limited losses in September CBOT futures, whereas fine summer weather and its apparent implications for a huge fall harvest weighed upon the deferred contracts. September corn futures slipped 2.75 cents to $4.8925/bushel at their Monday close, while December dipped 2.75 cents to $4.7325.
Old crop tightness seemingly affected soybean futures again Monday morning. Despite the general belief that buyers can bridge gap until freshly harvested beans are available, fresh evidence of domestic old-crop tightness boosted nearby bean and meal futures Monday. In contrast, expectations for an outstanding fall crop facilitated by favorable weather once again depressed the new crop contracts. August soybean futures jumped 17.75 cents to $13.675/bushel late Monday afternoon, while August soyoil dove 1.11 cents to 42.47 cents/pound. August soymeal rebounded $8.6 to $438.9/ton, whereas November beans lost 8.5 cents to $12.20.
Wheat futures again outperformed their corn and soy counterparts. General crop market weakness implied by benign weather forecasts and potentially massive autumn corn and soybean harvests apparently depressed spring wheat futures somewhat. Conversely, the prospect of huge Chinese buying is reportedly offsetting those bearish influences in the winter wheat markets. September CBOT wheat closed 1.25 cents higher at $6.515/bushel Monday afternoon, while September KCBT wheat sagged 1.25 cents to $6.9025 and September MGE futures slid 2.25 cents to $7.3425.
The cattle market could sustain only a portion of its Monday morning gains. The fact that cash prices rose last week after stalling through much of July seemingly sparked CME buying. Having August futures bounce from major support last Thursday probably prompted technical buying as well. Premiums already built into futures and midsession wholesale losses probably limited the Monday rise. August cattle settled 0.30 cents higher at 122.10 cents/pound, while December crept up 0.02 cents to 128.67. August feeder futures surged 0.68 cents to 153.27 cents/pound, while November climbed 0.97 cents to 159.80.
Hog futures were mixed Monday. The nearby August contract very likely bounced in response to a projected rise in the CME lean hog index. However, midsession cash and wholesale weakness seemingly dragged the deferred contracts lower. August hog futures rose 0.12 cents at 97.90 cents/pound at their Monday settlement, while December slid 0.30 cents to 81.55.