Grains:
July corn closed up 5 1/2 cents and December corn was up 5 3/4 cents. July soybeans closed up 19 1/2 cents and November soybeans were up 14 cents. July KC wheat closed unchanged, 0 cents, July Chicago wheat was up 3 1/4 cents, July MIAX Minneapolis wheat was down 4 1/2 cents.
The soybean market was the star of the show to begin the first full trading week of May, moving over 20 cents higher at times on old-crop futures as traders price in chances for a productive meeting when President Trump visits China, now just 10 days away. Corn futures were sluggish to start, caught between the jump in soybean futures but initially lower wheat prices. Eventually the bullish influence from the soybean sector was enough to drag both corn and wheat off morning lows. Regarding the conflict in the Middle East, the U.S. and Iran were reportedly in contact through the weekend but remain far apart on the details of any potential deal. Meanwhile, reports of attacks in the region have reemerged, with the U.A.E. reporting missile and drone attacks. Crude oil futures have jumped back toward last week's highs on those reports.
Livestock:
Following last week's tremendous rally, the market seems to be inching into the new week asking: Now what? Luckily, boxed beef prices are higher which traders will find some comfort in; but with the futures contracts trading in a slightly weaker manner again this week, fundamental support and reassurance is going to be vital if the market is to continue to trade higher.
As to be expected, the feeder cattle contracts are following right in line with the live cattle market's lower trend. Not only are traders keenly aware of the slight hesitation in the live cattle complex, but sale barns have also been reporting buyers being more selective in recent weeks as they're getting their spring grass orders filled. Needless to say, the combination of cautiousness on the board mixed with touch-and-go support in the countryside has led the feeder cattle contracts to a weaker open on Monday.
The lean hog complex is also lower as traders can't seem to find enough technical or fundamental support in the hog complex to justify pushing the market higher.