Grains:
May corn closed down 3/4 cents and July corn was down 1/4 cents. May soybeans closed down 13 1/2 cents and July soybeans were down 13 3/4 cents. May KC wheat closed up 12 1/2 cents, May Chicago wheat was up 11 1/4 cents, May MIAX Minneapolis wheat was up 13 cents.
Ceasefire negotiations between the U.S. and Iran failed over the weekend, with the U.S. implementing a blockade of the Strait of Hormuz, suggesting the ceasefire agreed to last Tuesday is already on the brink of dissolution. Oil prices reacted accordingly to begin the new week, gapping higher (since filled) as traders pencil in rising risk in the region. Row-crop futures traded mixed in the fallout, corn futures initially rose given the energy interest (ethanol) but eventually fell given bearish influence from the soybean market. The latter dropped seemingly as a result of anxiety on what a long-term blockade of the Strait of Hormuz would mean for U.S.-China relations as China is the primary buyer of Iranian oil. Wheat futures were higher on the increased fertilizer risk but also as a result of dry conditions across the U.S. Central and Southern Plains, though finishing well below their early session highs.
Livestock:
The livestock complex was trading mixed into Monday's noon hour as once again traders scanned the complex for continued support. New showlists appear to be to be slightly higher in Nebraska and Colorado and higher in Kansas and Texas.
Although pork cutout values were higher on the midday report and were also slightly higher late last week, the hog complex continues to trend lower as the market simply isn't seeing the technical interest it needs.