Grain markets were fairly mute to start the week, which I guess is better than under pressure? Cattle futures finished the day mixed.
Corn
Corn futures traded on both sides of unchanged in today’s trade, only to finish the day near unchanged. The front month March contract settled 1/4 of a cent higher to 445 3/4. The new crop December contract tacked on 1/4 of a cent as well, settling at 476 1/4. The search for a catalyst to spark a short covering rally continues.
Weekly export inspections were reported at 713,290 metric tons, within the range of estimates but below last week’s 946,417 MT.
Brazil Summer Corn Harvest 8.4% Done as of Jan. 19. This compares with 1.5% a year earlier and 5-year average of 5.8%, consulting firm Safras & Mercado says in report.
Soybean
March soybean futures were the leader to the upside in today’s trade, settling 11 cents higher to 1224 1/4. The new crop November contract settled the day 6 1/4 cents higher to 1197 1/2. All in all it seemed to be a fairly constructive day, but the Bulls still have their work cutout for them.
Weekly export inspections were reported at 1,161,100 metric tons, this was towards the upper end of expectations but below last week’s 1,278,168 MT.
Brazil 2023/24 Soy Harvest 6% Done as of Jan. 18. This compares with 2.3% a week earlier and 1.8% last year, according to a report from AgRural consulting firm.
Wheat
March wheat futures were able to post another positive session, extending the rally streak to 4-days. At the close the most actively traded March contract was 3 1/4 cents higher to settle at 596 1/2. $6.00 is the psychological barrier many market participants will be keeping an eye on through the week. Wheat continues to look constructive in our Lense, but we’d love to see some confirmation through price action in this week’s trade.
Weekly export inspections were reported at 314,521 metric tons, this was within the range of expectations and above last week’s 242,409 MT.
Live Cattle
Live cattle futures were uniformly lower across the board today as Friday’s Cattle on Feed report offered little Bullish news to encourage continued buying to start the week. At the close, front month Futures were 60 cents lower to settle at 173.77. The more actively traded April contract settled the day 47 cents lower to settle at 176.90, that was about a dollar off the low of the day.
Feeder Cattle
Feeder cattle futures saw a mixed trade with the front two months losing ground and the defferds firming. The most actively traded March contract settled 67 cents lower to 231.27, that was nearly 2.50 off the session low.
Lean Hogs
Lean hogs traded lower today after failing to get out above trendline resistance from the June highs. At the close April futures were 52 cents lower to settle at 77.62. Weakness in China was also a likely culprit in today’s trade.