Grains:
September corn closed down 3/4 cents and December corn was down 1/4 cents. September soybeans closed up 2 3/4 cents and November soybeans were up 3 1/4 cents. September KC wheat closed down 1/2 cents, September Chicago wheat was up 3/4 cents, September MIAX Minneapolis wheat was down 9 1/2 cents.
Sunday evening's open and the overnight trade in wheat futures seemed initially to finally signal a return to risk building in prices amid the tense situation in the Black Sea. However, prices fell well off their highs through the day trade on Monday with traders still displaying uncertainty and caution regarding the regional logistics issues. Corn and soybean prices were generally quiet to start the week, remaining supported by major moving averages but still seeing upside momentum limited ahead of an overall friendly weather outlook for mid-August as well as USDA input on Wednesday. Outside energy markets are continuing last week's reversal, with a deal on opening and management of the Strait of Hormuz is again in limbo with Iran over the weekend releasing a list of demands to the U.S., which the U.S. is unlikely to agree to.
Livestock:
The live cattle complex traded higher into Monday's noon hour thanks to the support seen last week in the fed cash cattle market. Late last week the market did soften as traders were leery of challenging the market's resistance at its 40-day moving average. But luckily at this point traders haven't seemed concerned about that technical challenge.
The feeder cattle complex was trading mixed as traders were a little more cautious early this week in the feeder cattle arena. Could it be because the border is set to reopen to Mexican cattle imports in less than two weeks? Or is it the technical resistance at the market's 40-day moving average that is still causing some anxiety? Either way, the spot and nearby contracts in the feeder cattle complex remain on edge while the deferred contracts are following in the live cattle complex's higher direction.
And with the help of stronger pork cutout values at Monday's start, the lean hog contracts traded higher into Monday's noon hour. August lean hogs are up $0.20 at $95.70, October lean hogs are up $1.45 at $83.67 and December lean hogs are up $1.55 at $75.12. Last week consumer demand was choppy which caused the futures complex some trouble, but hopefully the market's stronger start early this week will carry on throughout the duration of the week and help the market regain what was lost last week.