Corn futures are 2 to 4 cents lower on a lack of fresh news.
- There's little fresh news for traders to digest this morning, which is leading to light selling.
- Traders also expect harvest-related hedge pressure to build, although rains moving across the Corn Belt over the weekend and again this morning will slow early progress and raise concerns about field losses.
- Corn basis is generally weaker as new-crop supplies are moving to market.
Soybean futures are mostly 1 to 5 cents lower on profit-taking.
- Following yesterday's contract highs and mid- to low-range closes, soybean futures are slightly lower this morning. But with no technical chart damage done, there is still room to the upside as traders watch for signs of price rationing.
- Yesterday's condition ratings showed very slight improvement in the condition of the crop, which gives traders little reason to be buyers this morning.
- Soybean basis is mostly weaker, with sharp declines noted in some areas as anticipation of active harvest is building.
Wheat futures are mostly 2 to 6 cents lower at all three exchanges on spillover from neighboring markets.
- Wheat has returned to a follower's role and is mimicking price action in the corn market as traders recognize wheat is a competing feed source.
- There's little fresh news for the market to digest, but traders are still sorting through demand signals as there's a constant source of wheat export business, although recent purchases have not included much U.S. wheat -- signaling prices here are not competitive.
Live cattle futures are called to open higher on a signs of post-Labor Day beef featuring. Feeder cattle are expected to open steady to firmer.
- The boxed beef market started the week on solid footing to signal Labor Day clearance was strong and that retailers are still planning to feature beef. Choice values were up 83 cents yesterday and Select climbed $1.23 on solid movement of 176 loads
- A Japanese government advisory panel on food safety agreed on recommendations about easing U.S. beef imports. This is a significant step toward lifting restrictions that remain a sore spot in Japan-U.S. trade relations.
- Feeder cattle are expected to favor the upside, especially if corn remains weaker.
Lean hog futures are called to open steady to higher on short-covering.
- Lean hog futures should benefit from short-covering as traders work to narrow the discount nearby contracts hold to the cash index.
- The cash market is called steady to $1 lower as packers are having no difficulty securing needed supplies amid a seasonal uptick in hog numbers and ongoing herd liquidation.
- The pork cutout value dropped another 85 cents yesterday, signaling supplies continue to outpace demand.