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At the Monday market close, July corn was down 1¾¢ at $4.48 per bushel.
July soybeans were 19½¢ higher at $10.71¼ per bushel.
“Weekend trade developments were more favorable than expected.” Said Karl Setzer, partner with Consus Ag Consulting, “The main factor was the meeting between the United States and China that scaled tariffs back to between 10% and 30% for at least the next 90 days as talks start to end the trade war. This is not an end to the trade conflict between the two but a considerable improvement from just a week ago. This brought managed money out of their safe haven investments and back into traditional markets, including the ag sector.”
July wheat markets were negative at the close. CBOT wheat was down 6½¢ at $5.15¼ per bushel. KC wheat was 9½¢ lower at $5.08 per bushel. Minneapolis wheat fell 9½¢ at $5.84 per bushel.
June live cattle were up $2.15 at $216.82 per hundredweight (cwt). August feeder cattle jumped $6.07 at $306.37 per cwt. June lean hogs were 72¢ higher at $98.30 per cwt.
Just after 3:00 p.m. CT, June crude oil was up 81¢ at $61.83 per barrel.
June S&P 500 futures were up 190 points. June Dow futures increased 1190 points.
The June U.S. Dollar Index jumped 1422 points.
Published: 3:21 p.m. CT
Soybeans Start 16¢ Higher: 9:27 a.m. CT
Just after 9:00 a.m. CT, July corn was up 2¾¢ at $4.52½ per bushel.
July soybeans were 16½¢ higher at $10.68¼ per bushel.
“Row crops looking very, very solid. Getting a nice, knee-jerk reaction based on tariffs being lowered with China announced [Sunday] afternoon.” Jamey Kohake, senior risk manager with Pinion said, “[This is] really bringing the soy market up, pulling corn up with it.”
July wheat markets were mixed to start the week. CBOT wheat was up 3¢ at $5.21¼ per bushel. KC wheat was 3¾¢ more at $5.21¼ per bushel. Minneapolis wheat was down 1¢ at $5.92½ per bushel.
June live cattle were up $1.65 at $216.32 per hundredweight (cwt). August feeder cattle jumped $3.60 at $303.90 per cwt. June lean hogs were $1.55 higher at $99.12 per cwt.
June crude oil was up $1.87 at $62.89 per barrel.
June S&P 500 futures were up 148 points. June Dow futures increased 1005 points.
The June U.S. Dollar Index jumped 1227 points.
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