GRAINS:
December corn closed down 10 1/2 cents and November soybeans were down 25 1/4 cents Monday, pressured by rain in this week’s forecast for the Eastern Corn Belt and the anticipation of moderate temperatures after a hot weekend. September contracts of all three wheats also suffered double-digit losses, weighed down by Friday’s 2.008-billion-bushel (bb) wheat production estimate from USDA.
LIVESTOCK:
The livestock complex is seeing moderate support thus far from traders this week as the cattle contracts trade mixed, but the lean hog market traded higher early and faded by the session close. With the market scheduled to see the latest Cattle on Feed report this upcoming Friday, traders could be a tick more cautious in how they trade both the live cattle and feeder cattle contracts ahead of seeing what that report yields.
