Soybeans Recover From Sharp Overnight Losses

Corn: 2 to 4 cents higher. Futures are firmer this morning despite a lack of fresh news. Harvest progress should begin to weigh on the market, although disappointing harvest results are also a supportive factor. Traders’ focus early this week will be on evening positions ahead of Wednesday’s Crop Production and Supply & Demand Reports. Soybeans: Mixed. September beans are marginally lower, with the November through July contracts 2 to 3 cents higher and far deferred contracts mixed. Futures have recovered from sharp overnight losses and are now trading near session highs. According to official customs data, China imported 4.42 million metric tons (MMT) of soybeans in August, down 2% from last year and 24.7% below the previous month. Wheat: Mixed. Futures are mixed this morning as they continue to follow corn’s move. Traders’ general thought is global supplies are tightening due to strong exports out of the Black Sea region as end users anticipate stocks tightening in that region.

Live cattle: Mixed. Futures are expected to see a choppy start as traders wait to see how the beef market starts the week. Light cash cattle trade was reported late Friday at $1 to $2 higher than the previous week, but trade was not active. Lean hogs: Mixed. Futures are expected to see a mixed start as traders reevaluate positions, although upside potential will be limited by ongoing weakness in the pork cutout market. Pork values slipped 34 cents on Friday, but packers saw profit margins improve last week as the plunge in the cash market more than offset weaker pork values.