Corn
Late session profit-taking pressured December corn futures
to finish in negative territory. A sharply lower US dollar
index and higher crude oil futures gave bullish outside
market support to corn futures, limiting downside pressure.
Weather forecasted for this week over much of the Corn Belt
calls for rains in the first half of this week, which will
further delay harvest. This weather outlook provided
additional support to corn futures. After the close of
trading, the USDA reported weekly corn harvest progress by
the end of last week at 68% completed which fell within
trade estimates ranging from 65 to 70 percent. Earlier, the
USDA reported corn inspected for export from the previous
week at 25.562 million bushels which fell below trade
estimates ranging 28.5 to 33 Mbu. This less than expected
USDA figure pressures futures, offsetting some gains.
December corn futures settled at $3.87¼, down 3¾ cents
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Soybeans
January/December soy complex closed lower due to late
session profit-taking. A sharply lower US dollar index and
higher crude oil futures gave bullish outside market support
to the soy complex. Weather forecasted for this week over
much of the Midwest calls for rains in the first half of
this week, which will delay leftover harvest. This weather
outlook provided additional support to the soy complex.
After the day trading session, the USDA reported weekly soy
harvest completed by the end of last week at 94%, which fell
near the trade estimate of 95 percent. Earlier, the USDA
reported soybean inspected for export from the previous week
at 73.787 million bushels which fell well above trade
estimates ranging 50 to 61.5 Mbu. This larger than expected
USDA figure added support to soy futures. Spillover from
soybean futures pressured soymeal and soy oil futures.
Oil/meal spreading weighed on meal but lent some support to
soy oil contracts. January soybean futures finished at
$10.42, down 4 cents December soymeal futures finished at
$315.60, down $1.50 December soy oil futures finished at
39.40 cents, down 31 points
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Wheat
December wheat futures at the CBOT, KCBT and MGEX settled
lower from late-session profit-taking. Higher US stock
markets and a steep decline in the US dollar index gave
bullish outside market support to wheat futures. Spillover
tone from corn and soy lent additional downside movement to
wheat. Earlier, the USDA reported wheat inspected for export
from the previous week at 15.496 million bushels which fell
within trade estimates ranging 14.5 to 18 Mbu. After session
close, the USDA reported weekly winter wheat planting by the
end of last week came in at 93% completed, which fell 4
percentage points behind the 5-year average of 97. Emergence
came in at 84%, 6 percentage points behind the 5-year
average at 90. Good to excellent crop conditions rating as
of the end of last week was 64, unchanged from the previous
week.
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Cattle
December live cattle futures finished slightly higher.
Support to live cattle futures came from higher US stocks
markets and a steep decline in the US dollar index.
Expectations for this week's cash cattle trade are steady to
higher, which lent a supportive tone to futures. Afternoon
wholesale beef trading saw light to moderate demands and
offerings. Boxed beef cutout values were steady to firm for
Choice at $139.48 per cwt, up 30 cents and Select at
$132.19, up 0.22. Historically high unemployment and demand
shift to holiday type meats pressure futures due to
sentiment of lower beef demand. January feeder cattle
futures ended slightly higher. Expectations of steady to
higher cash feeder markets this week lent a supportive tone
to futures. At the Oklahoma City auction, cash cattle
trading was not well tested, but a firm undertone was noted.
Higher corn futures this session weighed on feeder futures,
offsetting some upside movement. December live cattle
futures fin ished at $84.05, up 10 cents January feeder
cattle futures finished at $92.87, up 20 cents
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Hogs
December lean hog futures closed higher. Lower monthly pork
stocks lent a supportive tone to futures. A sharply lower US
dollar index on the day added support as well. After
Friday's pit trading session, the USDA reported total US
pork stocks in cold storage by the end of October at 520.13
million pounds, which is 1.62% less than the previous month
and 1.5% less than a year ago. Mostly higher cash hog
trading on the day added support to futures. Cash hogs sold
$1.99 higher on average at $53.19 on a carcass basis in
direct market trading. Afternoon wholesale pork trading was
very slow with light to moderate demand and offerings.
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Cotton
Late session profit-taking left December cotton futures to
settle slightly lower. Higher US stock markets, a steep
decline in the US dollar index and higher crude oil futures
on the day lent bullish outside market support, limiting
cotton futures end in negative territory. Mostly dry
conditions, favorable for harvest, forecasted over much of
the Delta and Southeast US for this week pressure cotton
futures. Uncertainty over crop yield and quality remain a
supportive sentiment for futures. After session close, the
USDA reported weekly cotton harvest at 72% completed by the
end of last week, which fell 3 percentage points behind the
5-year average of 75. December cotton futures settled at
70.38 cents, down 3 points
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