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LTN’s US Agriculture Markets Closing Comments

Wheat futures closed 7 to 18.25 cents lower in Chicago and mostly 14 to 24 cents lower in Kansas City and Minneapolis. Futures faced active profit-taking pressure today following last Friday’s strong gains. Additional pressure came from improved soil moisture conditions for the planting and emergence of the winter Wheat crop following recent rains through the Central and Southern Plains and the lower Midwest.

Corn futures were stronger overnight and ahead of the start of open-outcry trade, but then posted choppy trade the remainder of the day Monday, and settled narrowly mixed. Sharp losses in the Soybean pit limited buying in Corn futures. Early strength came on follow through from Friday’s limit-higher performance, as well as positive outside markets.

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Soybean futures settled just off their daily lows with losses of 27.5 to 40.75 cents in the Nov through Jul contracts, with nearby contracts leading to the Southside. Far-deferred months saw lighter losses. Soymeal and Soyoil faced heavy pressure too. Last Friday, Soybean futures benefited from a spillover of Bullish enthusiasm from the Corn market, but today traders opted to take profits.

Lean Hog futures strengthened as the day progressed to finish high-range. The Oct contract ended 40 cents higher on the day, the rest of the market finished $1.10 to $1.775 higher. Friday’s Quarterly Hogs & Pigs Report pointed to tightening supplies in Y 2013. This added to Bullish enthusiasm and gave deferred contracts a boost.

Live Cattle futures posted a strong late-session rally to finish 50 cents to $1.425 higher. Live Cattle saw a choppy start, but enjoyed late-session buying on spillover from strength in the Hog market and help from positive outside markets. Traders are also cautiously optimistic about the solid start to the week in the boxed Beef market Monday morning.