Corn: Corn posted a low-range close with losses around 4 to 5 cents. Corn futures enjoyed spillover from soybean futures overnight, but the market faced profit-taking during the day session. A firmer tone in the U.S. dollar index added to profit-taking incentive. Futures extended losses on a disappointing showing from weekly export inspections. Inspections of 563,213 MT pulled the marketing year pace farther behind year-ago. After being net buyers last week, funds returned as sellers today.
Soybeans: Soybean futures closed 2 1/2 to 4 1/4 cents higher through the November contract, though that was low-range. Soybean futures were supported by Argentine weather concerns. While rains fell on areas of western Argentina over the weekend, they were lighter and spottier than anticipated. More scattered rains are forecast this week, though the general pattern is expected to be dry.
Wheat: Buying interest in the wheat market faded as the day progressed, with winter wheat futures settling roughly 2 to 4 cents lower in most contracts. Spring wheat finished fractionally to 2 1/2 cents lower, with the exception of the front-month that ended 3 1/2 cents lower. Early in today's session the wheat market benefited from spillover from the corn and soybean market as well as some weather concerns in Australia. Eastern areas of the country were hit with excessive rains over the weekend that likely caused some quality issues with wheat that has not yet been harvested.
Cotton: Cotton futures faced pressure to start the week and the market settled near session lows and down 34 to 70 points through the July contract, with far deferred months slightly higher. Dollar strength led to profit-taking in the cotton market today, with traders taking advantage of recent gains. Traders are uncertain whether an extension of the market's recent sharp rally is warranted. On one hand, export demand for U.S. cotton has been impressive. But supplies are also up notably from year-ago levels and recent price gains should help cotton to win acres in 2018.
Cattle: Live cattle futures ended the day 7 1/2 to 85 cents lower through the August contract, with far-deferred futures mixed. Futures favored a weaker tone throughout the day, with much of the pressure coming from traders narrowing the premium futures hold to the cash market. February live cattle ended the day at nearly a 60-cent premium to the average of last week's cash trade, which according to USDA was $120.58. However, traders were encouraged by the strong start to the week for the beef market.
Hogs: December lean hog futures closed 32 1/2 cents lower. Deferred contracts ended 50 cents to $1 lower. December lean hog futures softened today, as traders narrowed the premium the lead contract holds to the cash index. Direct cash hog prices were mildly firmer in the western Midwest this morning, while the national average price was unchanged.