August soybeans closed up 11 3/4 cents Monday, expanding its premium over the September contract to 50 1/4 cents with first notice day set for Friday. December soybean oil closed up 0.84 cent with help from higher closes in canola and palm oil. Plenty of back and forth between bulls and bears in this market right now as weather is the key focus. Crop ratings declined some on Monday afternoon as well and that could lead to higher action on Tuesday’s trade.
It was a busy Monday throughout the futures complex as the cattle contracts jumped into the new week ready to blaze new trails and demand trader interest. Early in the day, the lean hog contracts weren’t able to summon any support, but as the market closed and fundamental backing shined through, the nearby contracts closed higher. Hog prices closed higher on the National DirectmAfternoon Hog Report, up $1.40 with a weighted average of $105.99 on 7,560 head.