GRAINS:
May corn closed up 2 1/2 cents and July corn was up 2 1/2 cents. May soybeans closed down 1/2 cents and July soybeans were down 3/4 cents. May KC wheat closed up 19 1/2 cents, May Chicago wheat was up 11 1/2 cents, May Minneapolis wheat was up 13 1/4 cents.
It was an overall quiet start to the week as corn and soybean markets again traded mostly sideways, failing to hold early gains. Currently, wheat prices are seemingly the only one of the big three U.S. row crops which have a sense of conviction behind the trade, as prices jumped higher again Monday and now have reclaimed the majority of losses from the late February collapse. Outside market news was also uncharacteristically quiet to begin the new week, with little trade updates other than the Trump administration reaffirming April 2 as the date for further tariff action to be taken. For now, lukewarm retail sales data Monday has U.S. stock indices cautiously higher as trade war fears -- given what we currently know -- may be effectively priced in, at least until the next deadline grows nearer then traders will reevaluate. The U.S. Dollar Index was also weaker Monday, dropping to near-term support, which aided wheat in its strong move higher.
LIVESTOCK:
The live cattle complex is yet again inching higher and is being fueled by last week's strong market performance. Between stronger boxed beef prices, higher cash cattle sales and full buy in from traders -- the market had all the support it could ever hope for. But the market won't be without challenges this week as the spot June contract is nearing the market's resistance at $201. Later this week, the monthly Cattle on Feed report is set to be released, which is also a guessing game as to how the numbers will differ from pre-report estimates.
The feeder cattle complex again aggressively rallied into the day's close as the market's momentum is keeping the bullish move fueled into this new week. As long as the live cattle complex continues to lend ample support, it's likely that the feeder cattle market will keep inching higher and higher as there's more than enough support encouraging the move.
The lean hog complex gapped higher this morning as traders are hoping that strong demand will be a theme for the market this week and help turn the market's direction fully higher. It's extremely helpful that the carcass price is up $3.55, which is mainly being pushed by the belly's $16.22 jump and the loin's $5.53 jump.
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