Grains:
December corn closed down 1/2 cents and March corn was down 1/4 cents. November soybeans closed down 3 1/4 cents and January soybeans were down 3 1/4 cents. December KC wheat closed up 2 3/4 cents, December Chicago wheat was down 1/4 cents, December MIAX Minneapolis wheat was up 1 1/2 cents.
Corn and soybean markets were moderately lower to begin the new week but also held nearby support as a good weather window across the U.S. Grain Belt looks to encourage harvest advancement. Wheat futures were higher, which offered support to the corn market, although technical resistance continues to hold those prices in check as well. Outside markets leaned negative on Monday with crude oil futures sharply lower on fears of another output increase when OPEC+ members meet this upcoming weekend. The U.S. dollar was lower for the second straight session, which likely worked to support wheat futures on Monday.
Livestock:
The live cattle complex is continuing to trade lower as the market looks around for reassuring support; but it isn't seeing much rise on Monday. October live cattle are down $0.35 at $231.45, December live cattle are down $0.45 at $233.85 and February live cattle are down $0.32 at $236.17. Thankfully (for the meantime) the spot December contract is remaining above the market's 40-day moving average, but the market seems to teeter at that threshold as traders aren't confident in which way the market should trade. New showlists appear to be mixed, higher in Kansas, but lower in Texas and Nebraska/Colorado.
The feeder cattle complex is mixed into Monday's noon hour as the market is unsettled seeing the live cattle contracts trade lower,; but some of the furthest deferred months are still trading higher. More than anything the futures complex seems to be held at a mere standstill, looking for support to develop, or waiting for more pressure to build to send the contracts one way or another.
Like the cattle complex, the lean hog market is mixed into Monday's noon hour. But following the big surge the lean hog market saw on Friday, it's quite commendable that the contracts that are trading lower are just doing so in a mild matter as traders could have panicked at Monday's start and opted to give back most of what Friday's trade secured.
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