U.S. grain markets started the week with a mixed performance, as soybean futures closed slightly lower, while corn posted modest gains and wheat drifted downward across all major contracts. Market activity reflected both harvest pressure and speculative positioning in the absence of key USDA crop progress data.

The November soybean contract fell less than a cent, settling at $10.17¾ per bushel, reflecting muted movement in early trading and cautious sentiment among investors. December corn futures gained 2¾¢ to close at $4.21¾ per bushel, bolstered by firmness in cash markets and signs of potentially disappointing yields.

"Even without this week's official USDA harvest progress report, private reports suggest active fieldwork is underway," said Karl Setzer, partner at Consus Ag Consulting. "However, low on-farm sales are helping keep cash markets firm. This may indicate yields are falling short of projections."

Indeed, grain basis levels along river terminals are firming, particularly for corn, as stronger export interest begins to surface. Though no official export sales were published, private sources report steady contracting activity, reinforcing a more optimistic tone on future corn demand.

Wheat futures declined across the board: CBOT December wheat fell 2½¢ to $5.12¾, KC wheat dropped 1½¢ to $4.95½, and Minneapolis wheat slid 3¼¢ to $5.56½ per bushel. Short covering supported early wheat gains, but momentum faded by the session close.

Early trading painted a slightly different picture. At 9:30 a.m. CT, soybeans had briefly risen to $10.18½, aided by short-covering and modest speculative buying. However, the strong U.S. dollar index, which rose to 97.90, placed a cap on broader gains, especially for export-sensitive commodities.

"The dollar's strength has pressured the grain complex," reported The Brock Report. "Still, soybeans found limited support thanks to traders exiting short positions."

Harvest estimates remain uncertain due to the ongoing government shutdown delaying USDA updates. Bob Linneman, commodity broker with Kluis Commodity Advisors, projected harvest progress approaching 30% for both corn and soybeans, based on private estimates.

On the livestock side, December live cattle closed up $2.18 to $236.68/cwt, while November feeder cattle surged $5.38 to $360.80/cwt. December lean hogs slipped 3 cents to $87.28/cwt. Early-session weakness gave way to a firmer tone as futures caught support from limited supplies and demand prospects.

In energy markets, November crude oil rose 88¢ to $61.76 per barrel by late afternoon. Broader equities showed mixed results: the S&P 500 gained 24.49 points, while the Dow Jones Industrial Average dropped 63.31 points, reflecting continued investor caution amid macroeconomic uncertainty.

Market Outlook: Looking ahead, traders are closely watching private yield reports and cash basis trends. Any further signs of underperforming harvests could offer upside risk for corn and soybean prices, especially if export demand materializes. Wheat remains in a technical holding pattern, with eyes on global weather and currency fluctuations.