Grains
December corn closed up 3 3/4 cents and March corn was up 3 cents. November soybeans closed up 6 3/4 cents and January soybeans were up 7 1/4 cents. December KC wheat closed up 12 cents, December Chicago wheat was up 4 1/2 cents, December MIAX Minneapolis wheat was up 10 3/4 cents.
Ag futures markets were out of the gate Monday with a mixed overall tone, with corn and soy markets trading both sides of even before managing to climb moderately higher by the close. Meanwhile, wheat markets attracted some buying attention amid long-term lows. This week may begin to see traders' position ahead of the September WASDE report due out from USDA on Friday, which is expected to potentially show cuts to USDA yield estimates following a shift to more difficult growing conditions in the Midwest through August.
Live Cattle
The weakness in cattle futures last week has resurrected the idea that maybe a top has been established in the market. It is too early to tell whether that is the case or not. We have seen price retracements many times, only to see futures moving to new highs. However, some cash weakness with Northern dressed cattle trading $2.00 lower may put further pressure on the market. The weakness of cash in the North may offset Southern live cattle trading $1.00 higher.