Grain markets were choppy in today’s trade as traders digest news from the weekend and prepare for Thursday’s USDA report. Livestock futures lost ground today amidst geopolitical uncertainty.
December corn futures were firm in the overnight trade but failed to get out above last week’s high which may have spurred some weakness through today’s session. At the close December futures were 3 ¾ cents lower, settling at 488 ¼, a penny and a half above the 50-day moving.
Soybean futures traded on both sides of unchanged today but finished the day on the lower side. At the close the November contract was 1 ¾ cents lower to 1264 ¼. All in all, there was no technical damage done in today’s trade and technical levels from our morning report remain intact.
Wheat futures traded above last week’s high but failed to gain much traction above that as trendline resistance proved to be too much. At the close December Chicago wheat was 4 ½ cents higher to settle at 572 ¾.
December live cattle had an inside day, trading within Friday’s range. At the close prices were at the lower end, settling 1.32 lower to 185.35, erasing most of Friday’s rally. Outside markets were able to stabilize this afternoon, if that continues overnight perhaps that offers some support to futures tomorrow morning.
November feeder cattle futures traded on both sides of unchanged today but finished the day in the red, 1.22 lower to 249.65. Friday’s low still holds as support heading into tomorrow’s session.
Lean hog futures gave back some ground in today’s trade, settling 1.10 lower to 72.475.