Grains
March corn closed down 1 cent per bushel at $4.43 3/4 and May Corn closed down 1 cent per bushel at $4.51 1/4 and January soybeans closed down 11 1/2 cents at $10.93 3/4 and May soybeans were down 8 3/4 cents at $11.16 3/4. March KC wheat closed down 4 3/4 cents at $5.26 1/2, March Chicago wheat was down 1 cent at $5.34 3/4 and MIAX March Minneapolis wheat was down 0.02 cents at $5.7125.
Ahead of the December edition of the World Agricultural Supply and Demand Estimates (WASDE) report on Tuesday, traders sent row-crop prices lower to begin the week with the soybean market leading the way. Selling has accelerated in soybean futures following a bearish technical break late last week, while traders are clearly anxious regarding the trade situation with rainfall in Brazil over the past week also weighing on prices. In outside markets, equities turned lower on Monday after rallying through last week back toward October record highs, hitting technical resistance in the process.
Livestock
The livestock complex was handling Monday's trade a bit more cautiously as traders yearn to see more fundamental support. Especially in the cattle complex, with both the live cattle and feeder cattle contracts nearing their 40-day and 100-day moving averages, traders will need to see more fundamental support before they'll challenge those moving averages.
The lean hog complex closed up after trading mixed into Monday's noon hour as the market would like to continue to trade higher and keep with the trend of last week. But before doing so, traders are hoping to see continued fundamental demand -- especially as they begin to pressure resistance thresholds.