Grains:
December corn closed down 2 cents per bushel at $4.19 3/4 and March corn closed down 2 cents per bushel at $4.36 1/4 and November soybeans closed up 4 1/4 cents at $10.22 and January soybeans were up 3 1/4 cents at $10.39. December KC wheat closed down 3 1/2 cents at $4.92, December Chicago wheat was down 6 cents at $5.06 3/4 and MIAX December Minneapolis wheat was down 0.05 cents at $5.5200.
On an extremely slow trading day, corn traded both sides and moved little early before fading, while wheat markets again headed toward contract lows, with the MIAX Minneapolis contract establishing a new contract low. A dearth of news as traders awaited a decision on financial aid to farmers resulted in a low volume and low range trade.
Livestock:
The livestock complex is again trading mixed as the feeder cattle complex inches higher, but both the live cattle and lean hog contracts are trading lower. Still no bids or asking prices have been noted in the fed cash cattle market.
With the equity markets trading lower, it comes as no real surprise that the live cattle complex is also trading lower, as the market's support isn't significant enough to look beyond the additional concerns. The live cattle complex may be feeling the pressure of the equity market's lower trend. Still, the feeder cattle complex is continuing to trade higher into Tuesday's noon hour as traders look at the demand that was found in Monday's feeder cattle sales as a positive factor, and the continued uptick in beef demand to be enough support to justify pushing the contracts higher for now.
It's somewhat surprising to see the lean hog complex trading lower, as the market has better pork demand currently and is no longer up against immediate resistance pressure. December lean hogs are down $1.10 at $86.17, February lean hogs are down $1.27 at $88.27 and April lean hogs are down $0.90 at $91.50. The morning's weakness in the futures complex could partly be because traders noted the decline of packer interest in this morning's cash market, but otherwise, there's been no significant change in the complex.