Grains
July corn closed down 5 3/4 cents and December corn was down 4 1/2 cents. July soybeans closed down 10 1/2 cents and November soybeans were down 7 1/2 cents. July KC wheat closed down 5 3/4 cents, July Chicago wheat was down 10 3/4 cents, July MIAX Minneapolis wheat was up 2 1/4 cents.
Corn, soy, and wheat futures were lower to begin the shortened trading week with widespread precipitation through the last week and more in the forecast for the drought-heavy Western Plains making traders unconcerned about early season growing conditions. Meanwhile, reports of progress in negotiations between the U.S. and Iran have led to volatile energy trade to begin the week, as there have also been reports of U.S. strikes against Iranian missile launchers on Monday, with Iran warning of retaliation. The mixed signals and apparently still long road ahead to a significant peace agreement pressured equity markets off their highs of the day as well.
Livestock
The live cattle complex was trading mixed into Tuesday's noon hour following the long Memorial Day holiday weekend. Truthfully, Tuesday's mixed behavior was somewhat refreshing to see as I was prepared for another day of steep downfall following last Friday's bearish Cattle on Feed report. But thankfully traders seem to believe the market has endured enough technical pressure regarding the report, and it's main focus again seems to be on what fundamental support is or is not going to develop this week.
Meanwhile, the lean hog complex continued to look for consistent and stable fundamental support. Yes, midday pork cutout values were higher, but traders desire to see more than one day's worth of support before they'll likely advance the contracts.