Grains Lower, Harvest Pace Lags
December corn was down 1 1/4 cents, November soybeans were down 5 1/2 cents, and December Chicago wheat was down 1/4 cent.
Firm Follow-Through Support Moving into Hog Complex
Light activity is slowly developing through the livestock futures complex. This is helping to draw buyer activity back into the live cattle and lean hog futures in the opening minutes of trade. Sluggish trade is likely to be seen through most of the day.
Feed Prices Generally Stable in Quiet Early-Week Trade
Outside of moves in the soy and corn complex, the feed complex remains at a complete standstill with traders unwilling to break out of the quiet pattern seen over the last several days. Sluggish market activity is expected to be seen over the near future, which is likely to limit additional market movement.
Slight Weakness Despite Strength
Class III milk futures could not hold in positive territory with the exception of November and December contracts. Stronger spot cheese prices did not trigger buyer interest. It will be difficult for the market to prove itself as price increases have been very short-lived.
Ethanol Futures Shift Lower on Corn Pressure
Weakness in corn futures early in the week, as well as uncertainty as to just how much underlying support overall ethanol buyers will develop over the next several days, allowed for moderate pressure to sweep through the lightly traded ethanol complex. Fractional market moves developed in RBOB gasoline trade although prices are mixed in a directionless pattern early in the week.
DTN Poll: Pre-Ordering Fertilizers Limited
The majority of respondents to a DTN 360 Poll said they didn't plan to pre-order fertilizer for fall applications.
Cotton Ticks Slightly Higher Within Tight Range
U.S. import prices rose in September. U.S. cotton harvest reached 31% complete and conditions improved slightly. Cash online sales increased to 1,697 bales.
Trade Mixed Ahead of Tuesday's Session
December corn is 1 1/4 cents lower, December spring wheat is 2 3/4 cents higher, November soybeans are 5 cents lower and November canola is $.30/mt higher. The Canadian dollar is 15 basis points lower.