Turnaround-Tuesday is in play until it's not.
Grain futures initially pushed higher on the opening of the evening session but faded through the evening on Turnaround-Tuesday risk-off mentality. End of the month profit taking is occurring, with yesterday's weekly crop progress reports inspiring the row crop bounce. 64% of the US winter wheat crop is rated GD/EX, close to the 10-year average. Corn harvest progress of 66% for corn and 73% for soybeans was considered friendly in price and part of the night session rally, which gave way to selling.
Harvest will be delayed this week, but next week offers drier but cool weather for cutting to resume. End-users are hoping for more receipts, whereas on-farm storage remains filled with farmers optimistic that the strong biofuel and soybean crush margins and continual improving export outlooks will provide post-harvest friendly trends.
The USDA Argentine Ag attaché has raised their forecast for Argentina's upcoming 2022 corn crop production to a record 54.5 MMTs. This increase would then raise Argentina to the world's 2nd largest corn exporter and push Brazil to number 3. La Niña will be closely watched in the coming six months as to its effect on production.
Live cattle and feeder cattle closed higher on Monday, with December cattle having stalled against the 50-day moving average resistance yesterday just above 130.50. Although cash cattle markets were quiet, it's anticipated they could likely be a dollar higher this week. Beef cutout gains on Monday had choice rising $1.22 to $2 83.04, and select value gained $0.08. December cattle need to break through 130.50-131.50, technical moving average resistance to resume upward price momentum.