By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures finished mixed Monday, with corn holding onto modest gains while wheat gave back some of last week’s explosive rally.
December corn gained a penny and a quarter to $5.37¾ after reaching $5.42 overnight — another new contract and three-year high. Corn backed away from those highs during the session but continues to hold above the $5.30 level.
Soybeans were essentially unchanged. November beans settled at $12.88 after reaching another contract high and roughly a two-and-a-half-year high during the session. Soybean meal was weaker, with December meal losing $3.60 to $345.30 per ton.
Wheat saw the biggest correction. December Chicago wheat dropped 10 cents to $7.74, while December Kansas City wheat lost 6¼ cents to $8.38. The weakness was largely profit-taking following last week’s huge advance, with reports of efforts to establish a new Black Sea grain corridor also adding pressure.
So to close out August, corn remains near its recent highs, soybeans are holding the $12.88 area, and wheat finally saw some meaningful profit-taking after last week’s surge.
LIVESTOCK MARKET SUMMARY
Livestock futures finished higher across nearly the entire board Monday, with lean hogs posting the strongest gains.
October live cattle gained 95 cents to $212.67, while December cattle added 85 cents to $214.57. Most deferred contracts were 45 cents to nearly a dollar higher.
Feeder cattle also recovered some ground following last week’s heavy selling. September feeders gained 55 cents to $321.45, October was up 50 cents at $317.02, and most deferred contracts finished around 50 to 60 cents higher.
The cattle complex continues to digest the Trump administration’s beef import plan after last week’s sharp selloff. The market entered Monday technically oversold, helping encourage some buying, although traders remain cautious about whether the recovery can hold.
Lean hogs were the clear winner. October hogs jumped $1.77 to $83.67, December gained $1.85 to $74.15, and February was $1.55 higher at $76.52.
So Monday brought a modest rebound for cattle and feeders after last week’s punishment, while lean hogs posted strong gains of better than a dollar across the board.