Corn: July corn fell 9 1/2 cents to $4.19 1/4, a new contract low close. December futures closed 7 1/2 cents lower at $4.33 3/4. Nearby corn futures dove to a new contract low to start the week, pressured by a broad risk-off sentiment across the marketplace amid growing geopolitical tension in the Middle East, following a U.S. military strike on three of Iran’s nuclear facilities.
Soybeans: July soybeans slid 9 1/4 cents to $10.58 3/4, while November futures skid 14 cents to $10.46 3/4. July meal fell $1.7 to $282.4. July bean oil plunged 123 points to 53.24 cents. Heavy selling was featured across the ag complex today and the soybean complex was not immune, with each product seeing sharp losses.
Wheat: July SRW wheat fell 15 cents to $5.52 3/4, near the session low. July HRW wheat fell 13 1/4 cents to $5.50, near the daily low. July HRS futures fell 12 cents to $6.26 3/4. The winter wheat futures markets saw solid selling pressure today on profit-taking from recent gains and as the general marketplace is pensive after the weekend U.S. military strikes on Iran’s nuclear facilities that saw Iran retaliate against the U.S. today.
Cotton: July cotton fell 4 points to 64.00 cents, a contract low close. December futures rose 71 points to 67.41 cents. July cotton futures edged modestly lower as technical pressure and a general risk-off sentiment continued to activate sellers.
Cattle: August live cattle fell 45 cents to $209.375, near mid-range and hit a three-week low early on. August feeder cattle rose 35 cents to $302.80, nearer the session high and hit a nearly three-week low in early trading. The live cattle futures markets fell victim to some mild profit-taking pressure and risk-off-based selling amid the heightened tensions in the Middle East following the weekend U.S. strikes against Iran nuclear facilities.
Hogs: July lean hog futures climbed 67.5 cents to $113.45 and settled nearer session highs. Hog futures saw modest gains today, the fifth consecutive day of contract highs, as prices continue to march higher on the daily bar chart, supported by gains in cash fundamentals.