Corn: March corn rose 10 cents to $6.54, the contract’s highest close since Dec. 1. Corn futures rose a fourth consecutive session and closed at the highest level in over a week behind spillover from a rally in wheat and strength in crude oil.
Soybeans: January soybeans fell 23 1/4 to $14.60 1/2. January soymeal fell $21.40 to $450.20 after setting contract highs the previous four sessions. January soyoil rose 219 points to 62.20 cents. Soybeans tumbled as soymeal sold off amid heavy spread unwinding and profit-taking following last week’s gains. Greater than expected weekend rains in Argentina also pressured soybeans
Wheat: March SRW wheat rose 20 1/2 cents to $7.54 3/4, the contract’s highest close since Dec. 2. March HRW wheat rose 29 1/4 cents to $8.62 1/4. March spring wheat rose 14 1/4 cents to $9.15 3/4. Wheat rallied after Russia’s weekend attacks near Ukraine’s key ports fueled concern over grain shipment disruptions.
Cotton: March cotton fell 156 points to 79.39 cents, the contract’s lowest close since Nov. 28. Cotton futures fell for the third time in the past four sessions as the market extended Friday’s USDA-driven losses. Concern over China demand also weighed on the market.
Cattle: February live cattle rose 55 cents to $156.10, the contract’s highest settlement since Nov. 22. January feeder cattle fell 27.5 cents to $183.65. Still-firm cash fundamentals lifted live cattle futures near a three-week high, even though the average live steer price last week fell 63 cents to $155.79, the first decline in 10 weeks. Choice beef cutout values surged $8.09 to $257.02, the highest daily average since Nov. 17, on movement of 102 loads.
Hogs: February lean hogs fell 30 cents to $83.70, the contract’s lowest close since Oct. 14. Futures settled near two-month lows as weak cash fundamentals continued to weigh on the market. The CME lean hog index fell 48 cents to $81.99 (as of Dec. 8), the lowest since late January. Pork cutout values fell $1.62 to $86.94, led by a decline of over $6 in bellies. Movement was strong at 335 loads.