Hog futures rallied, supported by bets that prices for physical hogs were reaching a low point.
Falling cash prices for slaughter-ready hogs, a product of growing herd sizes and heavier hogs, weighed down futures through much of September. But prices last week showed signs of stabilizing. October hogs rose 185 to 57.25, December lean hog futures rose 202 to 61.97.
Cattle futures closed lower after initially rising. Larger slaughter numbers and meat production are pressuring prices, analysts said, with wholesale beef prices falling at midday Monday.
October live cattle futures fell 127 to $107, December dropped 182 to $113, and October feeders fell 187 to $150.
Grain and soybean futures fell amid pressure on commodities more broadly and ongoing U.S. harvest progress.
Crude oil prices were lower on Monday as money flowed out of the commodity sector, making grain and oilseed-based biofuels less competitive. A higher dollar also made U.S. crops more expensive for global buyers. Meanwhile, the ongoing corn and soybean harvest across the U.S. is further eroding prices. Wheat futures also fell Monday after the agency said on Friday that American farmers produced more grain than expected in their most-recent harvest.
December Corn fell 3 ¾ to $3.51, November soybeans slid 11 to $9.57, December Chicago winter wheat futures fell 3 ½ to $4.44, and December KC wheat fell 3 ½ to $4.39.
Cotton futures stumbled in the first trading day of the quarter with December new crop dropping 88 to 67.57, and March falling 76 to 67.02.
Oil prices pulled back on Monday, weighed down by a strong dollar and data pointing to rising global production.
Prices have been on the rise, but gave up recent gains Monday as the rally ran out of steam.
November crude futures fell $1.24 to $50.43 a barrel, Gasoline futures fell 3.27 cents to $1.55 a gallon, and Diesel futures fell 3.91 cents to $1.77 a gallon.
Natural gas futures fell to a nearly one-month low Monday amid mild weather that is likely to limit demand. November Natural gas fell 9.1 cents to $2.91.
On Wall Street, stocks started the fourth quarter on a strong note on Monday, with the S&P 500, the Dow and the Russell 2000 all hitting record high closes as data pointed to underlying strength in the economy. The Dow gained 152 to 22,557, the Nasdaq closed at 6,516, up 20 and the S&P 500 gained 9 to 2,529.