GRAINS:
After falling to new contract lows just last Friday, the corn and soy markets rebounded Monday as traders added some weather premium for the troublesome forecast ahead. Although both corn and soybean crops are currently forecast to achieve record large yields, the last half of August into September promises a return to heat and very little precipitation for the central Midwest and southern corn areas. Traders seem to be back buying as the prospect for a good finish to what has been very favorable weather after the rough start appears to be slipping. December corn was up 7 3/4 cents per bushel, November soybeans finished up 19 cents per bushel. September KC wheat ended up 1 cent per bushel, September Chicago wheat was down 1 3/4 cents per bushel and December Minneapolis wheat fell 6 cents.
LIVESTOCK:
The live cattle complex ended higher, but traders aren’t completely on board with the idea at this point. Even though some of the live cattle contracts may be trading higher, the feeder cattle complex is continuing to trade lower as the market needs more reassurance before it will comfortably trade higher. All in all, feeder cattle demand has remained strong even though the futures complex has endured some recent external pressure. The lean hog complex is back to trading slightly higher as the market is gradually gearing up for the week ahead. Initially, the market opened lower at Monday’s start but with pork cutout values higher at noon, the complex again traded higher.
