May corn closed down 5 3/4 cents and May soybeans were down 7 1/2 cents, both likely pressured by noncommercial selling ahead of Wednesday’s USDA reports. Vegetable oils found support Monday, closing higher in palm oil, soybean oil and canola. Funds have been minor buyers in bean oil, but have sold 9,000 corn, 6,000 beans and 4,000 meal so far. Brazil’s weather outlook remains concerningly dry through the middle of April. Also, Russia’s decision to impose a new formula-based export tax on sunflower seed and sun oil is likely supporting oilseeds.
The livestock complex is rolling into the new week much like it did last week. The cattle contracts took the day by storm and closed higher across the board. The lean hog contracts were modestly lower, but that isn’t concerning as traders are most likely simply waiting to see how the market’s fundamentals perform before they throw more money at the complex.
Farm and Ranch Director Jesse Allen has the closing markets: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
