By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures finished sharply higher across the board Monday, with corn, soybeans and wheat all posting strong gains.
December corn settled at $5.43, up 15-and-a-half cents. March gained 15-and-a-quarter to $5.56-and-three-quarters, while May corn added 14-and-three-quarters to $5.63.
Soybeans were even stronger. November beans closed at $13.28, up 24-and-a-half cents. January gained 24 cents to $13.44, while March added 22-and-a-quarter to $13.51-and-three-quarters.
Soybean meal also rallied sharply. December meal gained $9.80 to settle at $368.40 a ton, while October meal jumped $12.
Wheat joined the rally. December Chicago wheat gained 12-and-a-half cents to $7.26-and-three-quarters, while December Kansas City wheat added 10-and-three-quarters cents to $7.94-and-a-half.
So Monday was a broad risk-on session in the grains, with particularly strong buying in corn, soybeans and soybean meal.
LIVESTOCK MARKET SUMMARY
Cattle futures exploded higher Monday, with some feeder contracts gaining more than nine dollars.
October live cattle finished $5.02 higher at $220.95. December gained $5.37 to $222, while February climbed $5.75 to $223.10. April live cattle posted one of the strongest moves, gaining $5.95.
Feeder cattle were even more dramatic. September feeders gained $3.90, but the deferred contracts surged. October feeders jumped $6.75 to $330.25, November gained $8.10, and January feeders soared $9.22. March through August contracts were also up roughly $9.
Lean hogs were higher as well, although nowhere near the cattle move. December hogs gained $1.25, February added $1.20, and April was up $1.05.
Bottom line Monday: a huge bullish reversal in cattle, with live cattle up roughly five to six dollars and feeders posting gains approaching nine-and-a-half dollars.