Grain and Livestock Markets See Mixed Trading on Monday

Grain futures closed mixed on Monday, retracing much of their earlier gains from overnight trading. December corn futures initially rose but later settled around unchanged to slightly lower, as traders continued to react to the bearish implications of last week's USDA Grain Stocks report, which revealed a larger-than-expected old-crop corn supply.

Soybean futures ended the day 2½ to 3¼ cents higher, despite losing most of their overnight double-digit gains. Support came from Chinese buying and recent export demand, but traders remained cautious due to ongoing harvest progress and competition from South American supplies.

Wheat futures posted the strongest gains in the grain complex, closing roughly 6½ to 9½ cents higher. Prices were buoyed by renewed concerns over Black Sea trade and geopolitical risks, though they finished well off their overnight highs.

In the livestock markets, cattle futures declined, while lean hogs rose. Live cattle closed about $1.10 to $1.57 lower, pressured by Friday's weakness and ongoing monitoring of cash cattle values, boxed beef demand, and broader economic conditions. Feeder cattle also dropped, down roughly $1.02 to $2.75, despite only modest strength in the grain markets. In contrast, lean hog futures moved higher, with December hogs up 58 cents as the market attempted to recover from recent lows, supported by short covering after a prolonged technical decline.