Corn: December corn rose 2 cents to $4.85 3/4, ending near the session high. Corn futures spent the session trying to battle weakness spurred by struggling SRW wheat futures ahead of Tuesday’s supply and demand data.
Soybeans: November soybeans started the week off strong, rallying 6 cents to $13.69. December soybean meal closed $3.50 higher at $404.90. December soyoil ended the day unchanged at 60.50 cents. Soybean futures held onto overnight corrective gains, though today’s trade can be chalked up to positioning ahead of Tuesday’s Crop Production and Supply and Demand reports, which will give the first objective look into soybean yields.
Wheat: December SRW wheat fell 11 1/4 cents to $5.84 1/2 and near the session low. Prices hit a contract low. December HRW wheat closed down 8 1/4 cents at $7.23 3/4, near mid-range and hit a two-year low. December spring wheat futures closed 4 cents lower on the session to $7.66 3/4. Technical selling pressure was featured in the wheat futures markets today, amid bearish charts.
Cotton: December cotton rose 187 points to 87.78 cents, ending the session above the 10- and 20-day moving averages. Cotton futures notched follow through gains, with weakness in the U.S. dollar and lingering supply concerns in key U.S. growing regions underpinning the natural fiber.
Cattle: October live cattle rose $1.00 at $184.225 and nearer the session high. Prices closed at a contract high close. October feeder cattle gained $2.30 to $261.45, near the session high today and hit a contract high. The cattle futures markets continue to be supported by solid cash market fundamentals that include still-tight supplies of market-ready cattle in the feedlots and good consumer demand for beef at the meat counter, despite elevated prices.
Hogs: October lean hog futures led the complex higher Monday, rallying $1.025 to $82.55. Despite Friday’s extensive weakness and closing on the week’s lows, lean hog futures continue to whip saw, bouncing back from Friday’s weakness amid an impressive turnaround in wholesale prices.