***** The corn and soybean pits closed lower on Monday, wheat futures were mixed in a narrow range.
Corn futures settled 3 1/4 to 4 3/4 lower, pressured by continued good growing weather across the Corn Belt and expectations that Monday afternoon’s crop rating from USDA will stay at the 70% good-to-excellent level. The weather forecast for the next seven-day period shows moderate to heavy rain over much of the central U.S., especially beneficial to the drier areas of the Western Corn Belt.
Soybean futures closed 1 1/2 to 8 1/4 lower. Like corn, soybean prices softened on favorable growing weather. Although, there is some concern about the return of rain to the Missouri-to-Ohio area. News that a procurement manufacturing index showed the downturn in China’s manufacturing intensified for the start of the third quarter, weighed on the soybean market. Traders are concerned about China’s economic growth versus the level of demand for soybeans.
Wheat futures were 2 1/2 lower to 1 3/4 higher. The December 2015 through July 2016 contracts closed in the green, with the rest of the contract slightly lower. World wheat production will be slightly lower this year, but wheat supplies are still plentiful and that is keeping wheat prices under pressure.
***** The livestock markets closed sharply higher on Monday.
Live cattle futures emerged higher on spillover buyer support from the feeder cattle market, which closed over $3 across the board. Additional interest is expected to follow the rest of the week.
The bullish enthusiasm from the cattle complex spilled over into the lean hog futures pit. Even though supplies remain heavy and will continue to remain that way over the next few weeks, the rest of this week will likely see more gains on carryover buying.
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