Grains:
September corn closed up 15 1/4 cents and December corn was up 16 1/4 cents. August soybeans closed up 47 3/4 cents and November soybeans were up 44 1/2 cents. September KC wheat closed up 11 1/4 cents, September Chicago wheat was up 14 1/4 cents, September MIAX Minneapolis wheat was up 10 3/4 cents.
Despite decent rainfall across the U.S. Grain Belt over the long weekend, row-crop futures defied what was widely anticipated to be a subdued tone to open the week with an incredibly bullish session. Soybeans were particularly impressive, leading the charge higher. Despite a good June for rainfall and decent soil moisture levels across the heart of the Grain Belt, traders are seeing enough reason to build risk into prices ahead of above average temperatures in the 6- to 10-day outlook and the early stages of U.S. corn pollination. Deteriorating conditions for European crops amid ongoing heat and drought are also supporting values. Outside markets were quiet with mixed energy futures -- diesel was higher to begin the week, while crude oil remained pressured by increased volume flows through the Strait of Hormuz and OPEC+ announcing a production hike beginning in August.
Livestock:
Following the recent five-day decline in the live cattle complex, Monday's market had been met with some minor support from traders as the contracts were trading mildly higher into the noon hour.
The lean hog complex was trading mostly higher as the market was hoping to keep with the upward trend that was seen last week. With the early support of consumer demand, there was a chance traders may have been able to push the market mildly higher as the next resistance level doesn't appear until around the $100 mark in the spot August contract. they ended the day mixed with July and August months in the red and October and December months in the green.