CORN

Corn futures  were mostly steady overnight after ending last week on a firm note following Friday’s much anticipated Stocks and Production reports were released. The net result of the reports was relatively neutral. The market will now focus attention on events this week, which include southern Hemisphere weather and a trade agreement signing between the U.S. and China. Routine Weekly Export Inspections will be out mid-morning.

SOYBEANS

Soybean futures traded two-sided last night, but look to start the day on the defensive. March beans are down a nickel this morning. Bullish traders continue to argue that demand will likely increase, which will be confirmed after China and the U.S. sign a trade deal this week.

WHEAT

Wheat futures are lower this morning with March Chicago down 2 after hitting a fresh 6-month high in Friday’s trade. March KC is off 4 cents as the dollar shows signs of strengthening. Prices ended last week on a firm note and may carry through this week, as technical buyers continue to look for a potential move above the high from two weeks ago. Dry weather in Argentina will provide underlying support.

CATTLE

Cattle futures are expected to start the week steady with a firm undertone, as cash continues to hold firm. Most bids were seen between $123 to $126/cwt with light sales concluding at $124 which was steady with the previous week. Technically, rising stochastics in live cattle warrant some caution for bullish traders moving forward this week.

HOGS

Hog futures are called mixed. Prices are strewn between large daily slaughters and expectations for growing world demand. Look for continued choppy trade. with a bias to steady to sideways after the market became technically oversold, suggesting the fresh selling interest might be drying up.

Author

Lisa Heder