Corn: July corn futures fell 5 1/2 cents to $4.42 1/2, near mid-range and hit a seven-month low. The corn futures market continues to slump amid good growing conditions in the U.S. Corn Belt and no threatening weather in the forecast.
Soybeans: July soybeans rose 1 1/4 cents to $10.72 1/2, an 11-week high close, while July soymeal forged a low-range close, plunging $4.80 to $293.30. July soyoil rallied 156 points to 51.48 cents, which is the highest close since Oct. 16, 2023. A soyoil rally was a post-report benefactor for soybean futures, lifting prices from their morning low.
Wheat: July SRW futures closed 2 cents higher at $5.17 1/4, nearer session highs. July HRW climbed 3 3/4 cents to $5.11 3/4, nearer session highs. July HRS futures fell 3 1/4 cents to $5.80 3/4. Wheat futures made contract lows in the overnight session before rebounding somewhat during today’s session.
Cotton: July cotton fell 35 points to 66.28 cents, the lowest close since May 1. Cotton futures edged lower in consolidative trade as technical selling continued to pressure prices.
Cattle: June live cattle futures closed 50 cents lower at $216.325 while deferred contracts saw modest gains. August feeders slid 37.5 cents to $306.00. Live cattle futures traded on either side of unchanged today, mostly favoring the downside, stabilizing the market amid overbought conditions.
Hogs: June lean hogs rose $1.20 to $99.50, nearer the daily high and scored a bullish “outside day” up on the daily bar chart. The lean hog futures bulls are once again proving resilient despite cash market fundamentals that have deteriorated just a bit recently.