By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures finished sharply lower Monday, led by heavy losses in soybeans as traders reacted to disappointing U.S.-China trade details.
December corn fell 5¼ cents to $5.23. Profit-taking and long liquidation weighed on the market, while weakness in soybeans and wheat added pressure. A firmer U.S. dollar, trading near a three-month high, was another bearish outside influence.
Soybeans took the hardest hit. November futures dropped 30¾ cents to $12.88¼, touching a three-month low. December soybean meal fell $11.60 to $359.40 a ton. Traders were disappointed that soybeans were excluded from the latest U.S.-China tariff-reduction list, even as other agricultural products including corn, wheat, meat and dairy were included.
Wheat also finished sharply lower. December Chicago wheat fell 14½ cents to $6.88¾, while December Kansas City wheat dropped 16¼ cents to $7.45¾. Technical selling and the stronger dollar kept pressure on both winter wheat markets.
Overall, Monday was a broad risk-off session in the grains, with soybeans leading the decline and corn and wheat following lower.
LIVESTOCK MARKET SUMMARY
Cattle futures reversed lower Monday after posting gains last week.
December live cattle fell $1.35 to $220.80, finishing near the session low. November feeder cattle dropped $2.70 to $329.275, also closing near the low after trading at a two-month high earlier in the day.
The cattle market faced corrective selling pressure following last week’s gains, while slightly weaker cash cattle prices from the previous week also weighed on futures.
Lean hog futures were lower as well. December hogs fell 62½ cents to $68.40, with the market continuing to struggle against a weak cash hog market and bearish technical conditions.
Monday’s livestock story was a broad pullback: live cattle and feeders both finished lower after early strength, while hogs also remained under pressure.