Corn futures are 3 to 5 cents lower after favoring a firmer tone earlier.
- Corn has weakened on a lack of fresh news, although pressure is being limited by tight supplies and spillover from gains in the soybean market.
- Gulf corn basis is 2 cents firmer for immediate shipment -- reflecting tight supplies.
- Outside markets are providing mixed signals. Crude oil futures have softened after trading firmer overnight. The U.S. stock market is quiet as investors wait for central banks to decide if the global economy is in need of further stimulus measures.
Soybean futures are 9 to 12 cents higher on tight supplies.
- Last week's Pro Farmer Midwest Crop Tour returned the focus to the supply side of the market, as scouts reported disappointing pod counts.
- China's Ministry of Commerce said it expects August soybean imports to total 5.3 million metric tons (MMT), which is up from its initial estimate of 4.37 MMT.
- Meanwhile, Gulf soybean basis is 7 cents weaker for immediate shipment.
Chicago wheat is mostly weaker, with Kansas City wheat mixed and Minneapolis futures favoring the upside.
- Upside potential in the wheat pits is being limited as there's little fresh news for traders to digest and corn and soybean futures have moved off their earlier highs.
- Egypt purchased 120,000 metric tons (MT) of Russian wheat and 60,000 MT of Romanian wheat this weekend, reminding traders U.S. wheat is not currently competitively priced on the global market.
Live cattle futures are called to open lower on expectations beef demand will soften.
- Traders believe the boxed beef market is working on a near-term high. Thoughts beef demand will soften as grilling season comes to a close have traders suspecting more near-term price pressure lies ahead.
- Choice boxed beef values dropped $1.69 on Friday and Select declined $1.40 while movement slowed to 165 loads.
- Feeder cattle futures are called to open slightly lower on slight strength in the corn market.
Lean hog futures are called lower based on continued weakness in the cash market.
- Market-ready hog supplies are plentiful and the pork cutout value dropped 73 cents on Friday. As a result, the cash hog market is called steady to $1 lower to start the week.
- Pressure on nearby lean hog futures should be limited by sharp discount those contracts hold to the cash index.