Corn: December corn rose 7 cents to $5.15 1/2, nearer the daily low and hit a contract high early on. The corn futures market rallied today as the Pro Farmer Crop Tour on Friday after the close pegged the national U.S. corn crop production number at 15.344 billion bushels on an average yield of 173.2 bushels per acre. Technical buying was featured today as the charts have turned fully bullish.
Soybeans: November soybeans lost 15 1/4 cents to $12.24 1/4, nearer the daily low. September soybean meal rose $2.60 to $320.30, nearer the daily high and hit a three-week high. September soybean oil fell 222 points to 67.13 cents, nearer the daily low and hit a six-week low today. The soybean and bean oil markets saw pressure from a bearish Pro Farmer Crop Tour U.S. soybean production estimate released Friday after the close. The Tour data projected a U.S. soybean crop of 4.572 billion bushels on an average yield of 53.3 bushels per acre. Spreaders today were featured unwinding long bean oil, short meal spreads.
Wheat: September SRW rose 1/4 cent to $6.81 3/4, nearer the daily low and hit a four-week high overnight. September HRW fell 5 3/4 cents to $7.50 1/2, nearer the daily low. September spring wheat futures fell 4 1/2 cents to $6.93 3/4, near the daily low. The SRW winter wheat futures market saw some spillover buying support from the solid gains in corn futures today. HRW saw some mild profit taking today. Wheat traders continue to monitor the geopolitical environment in the Black Sea.
Cotton: December cotton futures rose 48 points to 88.83 cents, nearer the daily high and closed at a contract high close. Cotton futures today saw more chart-based buying today. Traders will closely examine this afternoon’s weekly USDA crop progress reports. World Weather Inc. today said hot to excessively hot temperatures and serious, yield-reducing stress to cotton continued during the weekend when temperatures reached 111 to 113 in several locations from near Childress, Texas to southwestern Oklahoma, while rain in parts of west Texas and the Panhandle induced temporary relief from dryness to several pockets.
Cattle: October live cattle fell $4.325 to $213.60, nearer the daily low and closed at an eight-month low close. November feeder cattle lost $5.275 to $310.975, near the daily low and closed at an eight-month low close. October live cattle and November feeder futures today saw more technical selling pressure as the charts remain significantly bearish. The Trump administration’s latest push to lower beef prices via cheaper imports still has the cattle market bulls spooked early this week, keeping them mostly on the sidelines.
Hogs: October lean hog futures rose $0.25 to $81.125, nearer the daily high. The lean hog futures market saw modest short covering today. Sharply lower cattle futures prices today limited buying interest in hog futures. Also, the cash hog market is still trending down, which also favors the bearish camp of futures traders.