CORN: Corn futures were unchanged overnight after forging new lows last week on a lack of positive news that has been keeping speculators on the sell side of the market. Dec corn is just above the contract’s new low at 3.53 and looks to test that support level unless something positive develops. Weekly Export Inspections and Crop Ratings will be out today, followed by the September USDA monthly Supply/Demand report on Thursday. So far, private estimates are not expecting much change from the bearish forecast last month. Weather this week is expected to hold temperatures near to above normal with scattered rainfall , , , a welcomed focecast for growers who are staring at late maturing crop, but not for price.
SOYBEANS: Soybean futures were mixed overnight and down 1-1/2 cents as of 5:30 AM. We’ll look for consolidation as the market is trying to determine whether or not a late-planted bean crop can mature enough into fall to avoid crop losses. Technically, prices are building a base of support just above 8.50 (Nov).
WHEAT: Wheat futures were also two-sided overnight with a weaker tone on a lack of new positive news. Prices bounced up on Wednesday and Thursday last week but settled down on Friday and are likely to trade steady to weaker today on a lack of new positive news and expectations that Thursday’s Supply and Demand report will indicate ample world inventories. On the bright side, the dollar has pulled back and is stabilizing well off last week’s breakout high.
CATTLE: Cattle futures are called steady to lower on follow through. Last week was rough with Oct cattle finishing limit lower on Friday, as weak cash and expectations that higher margin requirements would be a hindrance to cattle participants.
HOGS: Hog futures are called weaker after a very ugly looking end of the week in which Oct hogs finished 2.80 lower, and Dec, Feb and Apr all were down limit and under the 21 and 10-day moving averages.