By: NATHAN STUEDLE
GRAINS:
September corn closed up 1 cent and December corn was up 3/4 cent. September soybeans closed down 11 cents and November soybeans were down 10 3/4 cents. September KC wheat closed down 1 1/4 cents, September Chicago wheat was up 2 cents, September Minneapolis wheat was up 3 1/2 cents.
Markets were firm for the most part out of the gate to begin the new week Sunday evening, but prices eventually faded from highs through the Monday day session. Despite some recent reasons for bullishness, traders remain cautious of the potential for very large U.S. crops this fall. In outside markets, equities relaxed to start the week following Friday's Fed-related rally. Meanwhile, energy markets are continuing their rally from late last week primarily driven as peace discussions between Russia and Ukraine are thus far nonexistent following the Trump/Putin Summit ten days ago.
LIVESTOCK:
It's was a tumultuous morning for the live cattle complex as news broke over the weekend from the CDC that a person traveling abroad in Maryland was infected with New World screwworm. The news obviously affected the cattle complex dramatically as strict measures have been taken with cattle imports to avoid the spread into the U.S., but thinking that it would be carried into the US through a human wasn't on most people's radar. And although the news regarding the positive case of New World screwworm has most affected the marketplace, it hasn't helped matters either that the market received a neutral to somewhat bearish Cattle on Feed report last week, as most analysts thought placements would be lighter than what they were. New showlists appear to be lower in all major feeding areas.
The feeder cattle complex was traded mostly lower as traders are uncertain what to do with the complex following the CDC's announcement. The contracts were trading close to their limit lower this morning, but then recovered a bulk of the position and at the closing bell only trading mildly lower.
The lean hog complex had a prosperous morning as the contracts traded fully higher. It was helpful to see pork cutout values were stronger again this morning -- but that's mainly because of the continued aggressive rally in the picnic, which was up $8.75.