Grains are mostly higher except corn early on end of quarter and report positioning according to Kent Beadle, Paradigm Futures.
He says soybeans are back above the 50-day moving average on the May and November contracts also following the rally in soybean oil and palm oil Monday morning.
Wheat is building some war premium with fighting escalating in the Black Sea region. Plus, wheat is building on higher weekly closes in all three exchanges.
Corn started off higher with soybeans and wheat but is narrowly mixed. Corn has been moving sideways the last four sessions unable to take out resistance around the 45 to 50-day moving average.
Live and feeder cattle futures started lower with triple digit losses and a gap lower open in April live cattle. It was reaction to the bearish placements number at 110-percent in the Cattle on Feed report, but futures at least bounced off session lows. Markets are also facing record cash trade in all feeding areas from last week.
Lean hogs are higher on end of month and quarter short covering despite lower weekly closes, plus gearing up for the USDA Quarterly Hogs and Pigs Report on Thursday.
