Livestock futures mostly started the week lower as traders waited for a direction in the cash trade.
Prices for cattle and hogs fell in last week’s cash market, as growing herd sizes and seasonal pressures like waning beef consumption gave meatpackers more bargaining power.
August Live cattle fell 90 to $112, October dropped 47 to $111, and August feeders gained 12 to $146.
August lean hog futures fell 110 to 80.30, the October contract dropped 47 to 66.02.
Grain and soybean futures fell after a wet and cooler turn in weather forecasts eased concerns about growing pains for U.S. crops.
The futures markets have recently tracked a fast-changing weather outlook. Forecasters over the weekend said that cooler temperatures this week would limit stress to corn and soybean crops while showers would ease a moisture deficit in some regions. That prompted heavy selling in those markets.
Wheat led losses on Monday, with September Chicago wheat down 6 ½ to $4.74, September KC wheat fell 6 ¼ to $4.74. September corn fell 3 ½ to $3.70, and August soybeans dropped 6 ¼ to $9.94.
Cotton futures were the lone row-crop gain on Monday with the October contract jumping 28 to 70.50, and December gaining 6 to 68.86.
Oil futures added to last week’s big gains, hitting fresh two-month highs amid further signs that U.S. oil production is slowing down.
But some analysts caution the rally might lose steam soon.
Crude rose every day last week, in the process logging 2017’s biggest weekly gain. The move was started by renewed commitment from the Organization of the Petroleum Exporting Countries to hold down output and exports. September crude gained 46 cents to $50.17 a barrel, gasoline rose 2.97 cents to $1.70 a gallon, and Diesel futures rose 1.22 cents to $1.65 a gallon.
Natural gas futures dropped on Monday, with cooler weather forecast for much of the nation. September nat gas fell 12 cents to $2.82.
On Wall Street, the Dow Jones Industrial Average hit a record closing high on Monday, helped by Boeing, while selling in Facebook, Alphabet and other technology companies checked the S&P 500 and pulled the Nasdaq lower. The Dow gained 60 to 21,891, the Nasdaq closed at 6,348, down 26, and the S&P 500 fell almost 2 to 2,470.