By: NATHAN STUEDLE
GRAINS:
September corn closed down 5 3/4 cents and December corn was down 5 cents. August soybeans closed down 10 cents and November soybeans were down 9 1/2 cents. September KC wheat closed down 1/2 cents, September Chicago wheat was up 1/4 cents, September Minneapolis wheat was down 3 1/4 cents.
Row-crop markets kept with the common theme for Monday sessions through the growing season thus far with another sharp move lower as traders expect another solid round of crop ratings from USDA later Monday afternoon and are seeing no reason currently to not expect record-setting yields this fall given the weather through the growing season thus far. Outside markets were mostly of positive influence for Monday, although weather-focused ag traders appeared to pay little mind. Equities were higher on the trade deal announcement over the weekend between the U.S. and European Union. Meanwhile, energy markets were mostly higher after President Trump announced he would tighten the window for a ceasefire in the Russia/Ukraine war before Russia would face possible heightened sanctions from the U.S.
LIVESTOCK:
Following the slew of positive developments late last week, the live cattle complex hasn't shied away from trading higher as the market has seen a plethora of fundamental support gush into the marketplace. Whether that be last week's bullish Cattle on Feed report, or the noting on the mid-year Cattle Inventory report that no signs of herd build back have started yet, or the steady to $2.00 higher in the fed cash cattle market, or the unseasonal uptick in boxed beef prices. There are almost too many bullish factors currently playing in the marketplace to keep trade off.
After fully evaluating the market's triumphant success last week, it's almost as if traders noted the positive developments and merely said, "say less," as they shot the feeder cattle contracts higher. Once again today, the market's higher push in the futures complex scored another new contract high for many of the nearby contracts.
Following last week's choppy trade, the lean hog complex again skittered sideways into Monday's closing bell. It will be imperative that demand remains strong this week if traders are going to be successfully able to advance the contracts. Packers could be slightly less aggressive in this week's cash market as they bought a sizeable volume last week.