Corn and soybean prices remained under heavy selling pressure today as weather models shift cooler and wetter for the Midwest late this week into next week. December corn closed down 28 1/2 cents and November soybeans were down 43 1/2 cents Monday, responding to chances for beneficial rains in the 8- to 14-day forecast. All three U.S. wheats were also lower with states in the Northern Plains expecting more moderate temperatures by Friday. Global oilseeds have been hit particularly hard this session, with July soybean oil coming close to limit down earlier in the session while Malaysian crude palm oil for August delivery closed 7.9% lower on Monday. USDA’s crop conditions are expected to be revised slightly lower for corn, soybeans and spring wheat this afternoon due to dry conditions the past week.
Export inspections increased for corn and wheat from week-ago levels, while were reported lower for soybeans. Cumulative inspections remain well-ahead of year-ago volumes for corn and soybeans, while are down from last years reported volume for wheat early in the marketing year. Row crops were also influenced early by Friday’s reports that the Biden administration may ease biofuel blending requirements for crude oil refiners, reducing demand for both corn and soybeans.
The feeder cattle contracts took Monday’s trade by storm and closed confidently higher. The feeder cattle contract’s support has aided live cattle contracts’ ability to trade higher, which the market desperately needs with the onset of lower boxed beef prices. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Texas and Kansas. Hogs had continued pressure from Friday spillover into today.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Bryan Doherty of Total Farm Marketing on today’s episode of Market Talk below: