Corn: July corn fell 1 3/4 cents to $4.37, near the session low. Corn futures held a rather subdued tone despite solid outside market support, as traders tread cautiously amid talks with China and ahead of USDA’s June crop report, due out tomorrow.
Soybeans: July soybeans fell 7 1/4 cents to $10.50 1/2, near the session low. July soybean meal fell $1.70 to $294.20, near the daily low. July soybean oil rose 23 points to 48.02 cents, near mid-range. The soybean futures market continues to languish as crop weather in most of the U.S. leans price-bearish, while traders continue to monitor trade negotiations between the U.S. and its counterparts—namely China.
Wheat: July SRW futures fell 1/4 of a cent to $5.34 1/4, nearer session lows. July HRW futures slid a penny to $5.26 1/4. July spring wheat saw relative strength, climbing 4 cents to $6.17 1/4. Wheat futures struggled to follow through on overnight strength today as prices marked a modest loss on the day.
Cotton: July cotton rose 5 points to 65.47 cents, near mid-range. The cotton market saw some very tepid short covering today and some position evening ahead of Thursday’s monthly USDA supply and demand report.
Cattle: June live cattle rose 75 cents to $227.825, a new all-time high close. August feeders edged $2.075 lower to $311.075. Cattle futures held a muted tone to begin the session, though edged to a fresh all-time high as the day progressed as traders anticipated another week of record cash prices.
Hogs: July lean hog futures climbed 65 cents to $108.85 and closed near mid-range. July lean hog futures made a fresh contract high today before seeing some profit-taking.