Corn futures are down 7 cents in the July contract and generally 3 cents lower in the new crop months.
- Futures are seeing selling on a decline in concerns about delayed planting.
- The market expects USDA will show 63% of the nation's corn crop planted through Sunday, which would be a 36-point jump from the previous week. If achieved, more than 34 million acres of corn will have been planted last week, matching a record set in June of 1992.
- The market is shrugging off concerns of further delays in planting progress from this weekend's rains and forecasts for more across the Corn Belt through midweek.
- Selling interest is being limited by USDA's announcement of a 120,000-MT corn sale to an unknown destination for 2013-14.
- In addition, weekly export inspections at 14.557 million bu. were up 1.862 million bu. from last week's tally and above expectations.
July soybeans are fractionally cents lower after starting the day higher. New-crop contracts are 7 to 15 cents lower.
- Weather concerns and planting delays remain on the back-burner as traders believe there is plenty of time to get the crop in the ground and off to a good start. In addition, traders believe corn planting will reach 63% complete in this afternoon's report, which means farmers can shift to soybean planting soon.
- Traders expect this afternoon's crop planting progress will show 24% of the bean crop is in the ground, which decreases concerns about planting delays.
- Weather forecasts continue to show ample moisture is due in the Corn Belt this week, further building confidence of excellent early season growing conditions.
- Weekly export inspections totaled 3.328 million bu., near steady with week-ago and within traders' expectations.
- Gulf basis is steady across the board at midday.
Wheat futures are 7 to 9 cents lower in Chicago, Kansas City is roughly 2 to 5 cents lower and Minneapolis is slightly lower in nearby contracts.
- Weakness in corn futures has promoted spillover pressure in Chicago wheat futures.
- Some concerns about flooding in the Northern Plains has held December Minneapolis futures to a small loss and lifted far deferred contracts.
- There's more rain is in the forecast for this region this week and in the extended outlook.
- The market looked to guidance from USDA's crop conditions report this afternoon as it is unsure what ratings USDA will reveal for the HRW wheat crop today.
- Weekly wheat export inspections totaled 21.149 million bu., which is down roughly 2.8 million bu. from week-ago and within expectations.
Live cattle futures opened under pressure, but the June through October contracts have firmed. Feeder cattle futures have also improved to post slight gains in most contracts.
- Front month contracts have moved to the plus side as traders feel the market is oversold.
- Futures started the day weaker in negative reaction to Friday's Cattle on Feed Report, which showed all categories on the bearish side of expectations, with Placements at 115% of year-ago.
- Choice boxed beef prices moved to another record this morning reaching $209.96, up 45 cents. Select is at $193.76, up $1.45. Movement also improved to 102 loads.
- But traders remain concerned record high beef prices will translate into falling consumer demand. That worry is limiting buying interest to short-covering.
- The wide discount of nearby futures to cash prices also provides light support.
- Feeder cattle have improved on ideas the downside has been overdone and softer corn prices.
Lean hog futures are posting slight to moderate gains in most contracts.
- Lean hog future are seeing short-covering today as traders view the self-off on Friday was overdone.
- Concerns about the discovery of porcine epidemic diarrhea virus (PEDV) in an Iowa hog herd has the trade nervous, however.
- This morning the pork market slipped slightly, with the pork cutout down 9 cents, and movement was light, which is prompting some demand concerns among traders.
- Tightening market-ready hogs are keeping cash hog bids mostly steady this morning.