Grains:
July corn closed up 2 3/4 cents and December corn was up 1 1/2 cents. July soybeans closed up 5 3/4 cents and November soybeans were up 2 3/4 cents. July KC wheat closed up 5 1/2 cents, July Chicago wheat was up 5 1/4 cents, July MIAX Minneapolis wheat was down 2 1/4 cents.
Following the Sunday news that the U.S. and Iran had agreed to a deal to end the almost four-month war in the Middle East, energy markets understandably moved sharply lower with West Texas crude prices seemingly on a path to test prices not seen since the earliest days of the conflict in March. The initial spillover influence on row-crop futures was also predictably bearish. However, bargain hunters eventually stepped in with corn, soybeans, and wheat rallying well above early lows. All three markets are benefitting from long-term technical support, and traders at this point are perhaps satisfied that the selloff over the past 30 days is adequate in reflecting fewer supply and overall risk concerns recently within the markets.
Livestock:
With the help of supportive boxed beef prices, the live cattle contracts were trading higher at the week's start and inching even closer to the market's resistance at its 40-day moving average. At this point, traders remain focused on the support stemming from strong consumer demand, but there's a possibility the contracts could soften later Monday or even later this week if not enough fundamental support arises.
Meanwhile, the lean hog complex was trading mostly lower as the market desperately longs for continued support. Yes, midday pork cutout values were higher, but traders were also leery of being too supportive when demand has been a mixed bag in recent weeks.