By: NATHAN STUEDLE
GRAINS:
December corn closed up 5 1/2 cents and March corn was up 7 1/4 cents. November soybeans closed up 25 1/2 cents and January soybeans were up 24 3/4 cents. December KC wheat closed up 12 3/4 cents, December Chicago wheat was up 13 1/2 cents, December Minneapolis wheat was up 3 1/4 cents.
There was no question late Sunday through Monday as to what was driving row-crop futures higher after positive comments from U.S. trade representatives following a weekend of negotiations with their Chinese counterparts in Malaysia sent the soybean market skyrocketing toward 2025 highs, pulling along corn and wheat futures for the ride. Meanwhile, outside markets were positive on the trade news as well, with higher energies and higher equities offering a foundation of support to futures.
LIVESTOCK:
It's completely fair to say, "it's been a miserable day," before the clock hits noon, when both the live cattle and feeder cattle contracts are trading at their expanded limits. Upon searching for a reason as to "why" the market was suffering so severely, unfortunately there's no new tangible reason why the market is enduring such catastrophic losses. Instead, the market continues to be pressured by the chaos that's been endured over the last two weeks between President Trump stating that he'd like to see beef prices lowered, talked about increased imports from Argentina and the technical pandemonium that's ensued ever since. Last week, Northern dressed cattle traded at mostly $370, which is $2.00 lower than the previous week's weighted average. Southern live cattle traded at mostly $238, which is $2.00 lower than the previous week's weighted average.
It was another gut-wrenching day for the feeder cattle complex as the market continued to sink unnervingly lower, and hitting its expanded limit for the day. Unfortunately, the spot November feeder cattle contract is nearly hitting its 100-day moving average, which could trigger even more technical pressure.
The lean hog complex also traded slightly lower into Monday's closing bell, feeling unsupported by the market's fundamentals. Until consumer support improves, it's unlikely that the market will see much more upside potential from a technical sense.