Cattle, Cotton Surge as Grains Drop on Trade Jitters and Plant Strike

Overview

• U.S. futures split Monday: soybeans fell 60–70 cents to limit down, corn lost 12–13 cents, and wheat dropped 13–17 cents, while live cattle rose $2.35–$2.95 and front-month cotton gained 206–234 points.
• Early Tuesday trade showed a modest soybean rebound of 4–7 cents and cotton up 24–34 points after a session that also featured a record February crush from NOPA at 208.785 million bushels.
• Treasury Secretary Bessent met Chinese counterparts in Paris to prep a Trump–Xi summit, with reports indicating China is open to additional U.S. farm purchases that may emphasize non-soy crops as summit timing remains uncertain.
• CFTC data showed funds logged the largest weekly build in the corn net long since 2019 and held sizable longs in soybeans and bean oil, heightening the potential for sharp price swings.
• A strike with picketing at JBS’s Greeley, Colorado beef plant moved forward over the weekend, a development that coincided with stronger cattle futures and higher boxed-beef prices.