Corn: December corn futures fell 11 1/2 cents to $4.30, near the daily low and hit a contract low. The corn futures market today saw heavy selling pressure as weather forecasters are saying a heat dome presently over much of the Corn Belt will exit later this week, followed by cooler weather with decent rain chances.
Soybeans: November soybeans fell 17 1/4 cents to $11.39, nearer the daily low. September soybean meal lost $1.00 to $301.30, nearer the daily high. September soybean oil fell 70 points to 68.04 cents, nearer the daily low. Big losses in corn spilled over into selling in the soy complex. Position evening ahead of Tuesday’s USDA’s planted acreage and quarterly grains stocks reports was also featured.
Wheat: September SRW fell 10 cents to $5.79 3/4, near the daily low and hit a more-than-four-month low. September HRW lost 4 3/4 cents to $6.14 3/4, near the daily low and hit a 3.5-month low. September spring wheat futures fell 4 1/2 cents to $6.00 3/4, near the daily low. The winter wheat futures markets saw technical selling pressure today amid price downtrends in place on the daily bar charts.
Cotton: December cotton futures rose 7 points to 76.45 cents, nearer the daily low. Cotton futures saw a tepid corrective bounce from Friday’s weakness. Gains in the U.S. stock indexes and in crude oil prices today were somewhat positive outside markets for cotton.
Cattle: August live cattle fell $2.25 to $243.575, nearer the daily low. August feeder cattle lost $2.375 to $367.475, nearer the daily low. The cattle futures markets today saw profit-taking pressure from recent gains, along with some fresh technical selling.
Hogs: August lean hog futures rose $0.70 to $97.275, near the session high. The lean hog futures market today saw short covering and bargain hunting from the speculators.