By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain markets finished mixed Monday as traders continued to digest Friday’s bearish October WASDE report.
December corn rebounded 3¼ cents to close at $4.83 per bushel. The move was largely a short-covering bounce after Friday’s sharp selloff pushed corn to a two-month low. Traders are still working through USDA’s surprise increase in the national yield estimate and the resulting jump in projected production and ending stocks.
Soybeans moved the other direction. November beans closed 4¼ cents lower at $12.87¾. Harvest pressure weighed on the market as combines continued rolling across much of the Midwest. Soybean meal was stronger, gaining $3.10 to $368.70, while soybean oil also finished higher.
Wheat was mixed. December Chicago wheat gained 1¼ cents to $6.72¼, while Kansas City wheat fell 4 cents to $7.15¼ and closed at a three-month low. Spring wheat added about a penny. The wheat markets saw two-sided trade, with short covering supporting Chicago contracts while technical selling continued to pressure hard red winter wheat.
Overall, Monday’s session was relatively calm compared with Friday’s WASDE-driven volatility. Corn managed a modest recovery, soybeans slipped under harvest pressure, and wheat remained mixed as traders reassessed supply and technical levels.
LIVESTOCK MARKET SUMMARY
Livestock futures were mixed Monday, with cattle pulling back modestly after Friday’s sharp rally while lean hogs managed a small rebound.
December live cattle closed 45 cents lower at $226.60. November feeder cattle fell 85 cents to $341.10. Both markets saw some profit-taking after Friday’s strong gains pushed cattle futures to multi-week highs. The declines were relatively modest compared with the size of Friday’s rally, suggesting the cattle market continues to hold much of its recent strength.
Tight cattle supplies remain an important underlying support, although traders are also watching cash cattle values and wholesale beef demand for direction as the new week begins.
Lean hog futures moved higher after hitting a fresh contract low Friday. December hogs gained 55 cents to close at $68.38. The move was attributed largely to short covering, but the broader technical trend remains bearish.
The hog market continues to face pressure from weak demand signals despite a tighter U.S. hog supply picture. September CME data showed lean hog futures had already posted a nearly 7 percent decline during the month, even as USDA reported fewer hogs and pigs compared with a year earlier.
Overall, Monday brought a mild correction in cattle after Friday’s surge, while hogs finally caught a modest bounce from deeply oversold levels.