Market News

Corn and wheat close the day higher

Soybeans closed lower on Monday held back by the weak outside markets. The initial strength of the higher overnight trade wasn’t enough to stand up to losses on the Dow, the higher dollar, and lower oil. Elsewhere south American crop estimates continue to slide but talk of export bans haven’t been verified.

Corn closed on a high note but the outside market activity limited gains. Old crop prices stayed bullish while the new crop shrugged off talk over big acreage and early planting date speculation. The colder weather raised some concern but this was offset by the USDA’s announcement of a 120,000 metric ton sale to an unknown buyer.

Wheat had a good day and closed up. Planting progress on the spring wheat is expected to be ahead of pace and while the weather overall remains good there is concern that cold air this week could hit the soft wheat crop again. Spots of rain in some parts of Europe continue to give US wheat a price advantage.

Cattle markets saw a lot of pressure Monday as traders showed supply concern and also worries about the wholesale beef prices. Volume on feeder trade was light following the cattle complex and also on the pullback in feeder placements in last weeks cattle on feed report.

At midday boxed beef cutouts were lower.

Terminals were steady to lower, the Missouri direct was down 2.

Moderate gains were seen by the end of the day in the hog complex following last weeks price reductions, but the pressure on cattle and lack of fresh news kept the markets from gaining too much ground.