Corn: December corn futures fell 5 1/2 cents to $4.22 1/4, nearer the session low. After a promising end to corn futures trading last Friday, the bulls laid an egg today—mainly due to price-bearish non-threatening weather conditions over much of the Midwest U.S. Corn bulls got no help today from a slump in the U.S. dollar index.
Soybeans: November soybeans fell 9 3/4 cents to $10.26 and near mid-range. September soybean meal fell $3.60 to $274.80, near the daily low. September soybean oil rose 24 points to 55.88 cents, near the daily high. The soybean and meal futures markets saw selling pressure today from updated weather forecasts for the U.S. Midwest that see no serious weather threats to the soybean crop for at least the next two weeks.
Wheat: December SRW wheat fell 3 3/4 cents to $5.63 1/4, nearer the daily low. December HRW wheat fell 3 1/4 cents to $5.48 1/4, nearer the session low. December HRS fell 8 cents to $6.08 1/2. The winter wheat futures markets saw technical selling today, along with spillover price pressure from lower corn and soybean futures prices.
Cotton: December cotton fell 58 points to 68.10 cents, nearer the daily low. The cotton market today saw spillover selling pressure coming from lower grain futures markets prices to start the trading week. Cotton bulls could not gain any traction despite a solid drop in the U.S. dollar index or a modest rally in the U.S. stock market.
Cattle: August live cattle rose $1.675 to $225.225, near the daily high and hit a contract/record high. August feeder cattle gained $3.60 to $327.60, near the session high and hit a contract/record high. The bull-market runs in the cattle futures markets roll on. Speculators continue to push the long side amid live cattle futures’ still-steep discounts to the cash cattle market that continue to limit selling interest in futures.
Hogs: August lean hogs rose 87 1/2 cents to $107.35, near the session high. The lean hog futures market continues to rally from last week’s low, supported in part by cattle futures prices that are setting record highs.