Corn: Corn futures dropped 2 1/4 to 2 1/2 cents and finished near their session lows today. Futures prices were pressured in part by Day 1 results from the Pro Farmer Midwest Crop Tour that confirmed high yield prospects in both Ohio and South Dakota, with samples resulting in an average yield peg of 179.57 bu. and 178.01 bu. per acre, respectively.
Soybeans: Soybean futures faced pressure throughout the day and the market settled low-range and down roughly 6 to 7 cents. Soymeal also faced pressure today, while soyoil futures notched modest gains. On Day 1 of the Pro Farmer Midwest Crop Tour, scouts found much higher yield potential for bean crops in both Ohio and South Dakota than what was seen last year and the three-year tour average.
Wheat: Winter wheat futures settled near session lows with losses of 11 ¼ to 15 cents. Spring wheat futures also ended low range and down around 6 cents. Russia’s ag ministry today raised its grain crop estimate from 100 MMT to a range of 100 MMT to 105 MMT, easing supply worries to some degree.
Cotton: Futures contracts finished the day with gains of 40 to 56 points on good followthrough strength following Monday’s solid gains. Demand for cotton at China’s state reserve auctions has picked up recently, which could signal optimism about a lessening of trade tensions with the U.S. and the possible lifting of 25% tariffs on shipments of the U.S. fiber.
Hogs: Lean hog futures settled split, with nearbys down 25 to 32 ½ cents and deferred months moderately higher. Bear spreading led to some split trade in the lean hog market today. Nearbys were pressured to some degree by the ongoing decline in the cash hog market, though the pace of decline is moderating, signaling a low could (finally) be nearing.
Cattle: Live cattle futures ended split with 2018 contracts slightly higher and far deferred months down slightly. Feeder cattle futures faced pressure throughout the day and ended low-range and down 10 to 45 cents. Futures saw some early buying support from a large drop in cattle showlists this week and good gains for the boxed beef market this week, which both bode well for this week’s cash cattle trade.