Corn: 1 to 2 cents higher
Soybeans: 10 to 15 cents higher
Winter wheat: 1 to 3 cents higher
Spring wheat: Steady to 2 cents lower
March soybean futures rose to their highest level since July 25 in overnight trade amid ongoing concerns surrounding Argentina’s crop. While rains fell in Argentina over the weekend, crop watchers say improvement to crops is temporary and most areas will be “critically dry” later in the week. Soybean futures have entered overbought territory and funds have newly established a net long position.
Corn and winter wheat futures benefited from spillover from the soybean market overnight while spring wheat futures were softer amid spreading. Strength in the dollar index limited buying in these markets. Winter wheat futures are also finding support from ongoing dryness across the Central and Southern Plains.
Bulls have the technical advantage in the cattle market coming out of the three-day weekend, but there is risk of profit-taking due to the overbought situation of the market. February live cattle are trading in line with last week’s $130 cash cattle trade and the boxed beef market got off to a strong start, with Choice values up $2.69 and Select rising $2.31 yesterday.
The pork market also started the week on solid footing, with carcass values up 89 cents on solid movement of 317.57 yesterday. But traders expect steady to lower cash hog bids today as packers work to improve margins. Futures are called mixed amid spreading. Pressure on hogs should be limited by strength in the cattle market.