By: NATHAN STUEDLE
GRAINS:
July corn closed down 9 3/4 cents and December corn was down 8 cents. July soybeans closed unchanged, and November soybeans were up 5 3/4 cents. July KC wheat closed down 4 3/4 cents, July Chicago wheat was down 7 1/4 cents, July Minneapolis wheat was down 11 1/2 cents.
Mondays have generally not been friendly to grain futures over the past several weeks and the start of this week was no exception to this recent trend, especially for corn futures as July prices suffered double-digit losses, erasing modest gains made late last week. The soybean market also struggled Monday following Friday's 27-1/2-cent eruption, despite soybean oil gapping higher on Sunday's open to the highest price of 2025 thus far, extending Friday's gains following the bullish EPA biofuel mandate announcement. Wheat futures too were softer on Monday, as the current friendly forecast for U.S. crops through June is undoubtedly at the top of traders' list of reasons to remain active sellers. In outside markets, crude oil futures posted a sharp reversal Monday after it was reported that Iran was seeking to restart negotiations with Israel and bring an end to the violence which has escalated through the weekend. The pressure in energy markets is likely spilling into the corn market to begin the week, although it's done little to slow the burst in soybean oil futures.
LIVESTOCK:
After feeling immensely pressured from a technical standpoint last Friday, the live cattle complex is beginning to regain some ground early this week as most of the nearby contracts are traded $2.00 to $3.00 higher. Like last week, it's unlikely any cash cattle trade will develop until Wednesday at the absolute earliest. But seeing boxed beef prices higher Monday morning does keep bull-spreaders hopeful the market's fundamentals will remain supportive this week. Do note that on Friday of this week the monthly Cattle on Feed report will be released. New showlists appear to be higher in all major feeding states.
With the help of continued fundamental support and active trade Monday morning in the live cattle complex, feeder cattle contracts were confidently higher as the market has more than enough support to justify higher trade. Starting Tuesday, June 17, Superior Livestock Auction will be hosting their first online sale for the season, the Corn Belt Classic, in Sioux City, Nebraska. The sale is cataloged to offer 104,011 head and it will be a great opportunity to see what feeder cattle prices are expected to be later this fall.
The lean hog complex got along famously for a Monday, as the market is trading at new contract highs, yet again, as traders continue to be pleased with the consumer support they're receiving. Monday morning the big $3.00 gain in the picnic is helping push the carcass price higher more than anything.
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