Grains:
May corn closed down 6 cents and July corn was down 5 1/2 cents. May soybeans closed up 2 1/4 cents and July soybeans were up 2 1/2 cents. May KC wheat closed down 3 cents, May Chicago wheat was down 7 1/2 cents, May MIAX Minneapolis wheat was down 1 cent.
Row-crop futures posted wide trading ranges to begin the week, as mixed signals regarding the war in the Middle East had traders uncertain of which direction to send prices. President Trump posted on Truth Social Monday morning that the U.S. and Iran had been engaged in negotiations over the weekend and as a result the U.S. would delay the initial 48-hour ultimatum before striking against Iranian powerplants. That deadline has reportedly been extended five days. However, Iran's Foreign Ministry denied that the countries were negotiating. As a result, crude oil was risk-off on Monday, with WTI futures trading briefly below $90 per barrel for the first time since March 12, which directly pressured corn and wheat markets to begin the week. Meanwhile, soybeans traded modestly higher, with soybean oil bouncing from daily lows on renewed optimism that EPA biofuel blending quotas will indeed be finalized yet this month.
Livestock:
The livestock complex was trading mostly higher into Monday's noon hour as traders again seemed committed to advancing the contracts higher. New showlists appeared to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas.
After plummeting lower late last week, the lean hog complex is was trading mixed into Monday's noon hour with its nearby contracts mostly higher while the deferred contracts continue to scale lower. they finished in the red with April contracts down 47 cents at $90.80.