Corn: December corn lost 13 1/2 cents to $4.74, nearer the daily low. The corn futures market saw heavy profit-taking pressure and weak long liquidation from the specs today. While recent hot and dry weather has been less-than-ideal for the crops in the Corn Belt—and even likely crimped yields in the far northwestern Belt, traders today were unwilling to add premium amid an overall U.S. corn crop that is faring well moving past the half-way point of the growing season.
Soybeans: November soybeans fell 39 3/4 cents to $12.13 3/4, nearer the daily low. September soybean meal lost $10.50 to $320.30, nearer the daily low. September soybean oil fell 262 points to 70.85 cents, nearer the daily low and hit a two-week low. The soybean complex futures today saw heavy profit-taking pressure and weak long liquidation from the speculators. Bulls on this day were unwilling to add weather premium to futures prices, given recent gains and amid weather forecasts that are offering chances for scattered but beneficial showers in the Midwest over the next couple weeks.
Wheat: September SRW lost 18 cents to $6.60, near the daily low. September HRW fell 16 1/4 cents to $7.29, near the daily low. September spring wheat futures fell 8 cents to $7.06 1/4, near mid-range. The winter wheat futures markets saw heavy profit-taking pressure and weak long liquidation from the speculators. Lower corn and soybean prices and a big drop in crude oil prices today also worked to push winter wheat futures prices down.
Cotton: December cotton futures rose 90 points to 80.88 cents, nearer the daily high. Cotton futures today saw technical buying to keep the price uptrend alive on the daily bar chart. Better risk appetite in the general marketplace today also aided the cotton bulls, although a big sell off in crude oil prices did somewhat limit the upside in cotton.
Cattle: August live cattle fell $1.85 to $225.225, near mid-range. August feeder cattle lost $7.075 to $338.25, near the daily low and closed at a seven-month low close. October through May feeder cattle futures contracts closed down the daily trading limit of $10.75. The cattle futures markets today saw selling pressure from the news USDA late Friday announced a coordinated, phased reopening of southern cattle ports, contingent on Mexico’s adherence to the Joint Action Plan. That rattled the futures, especially feeders, from a supply perspective.
Hogs: August lean hog futures rose $0.125 to $102.975, near the daily high and closed at a nine-week high close. The lean hog futures market paused today after two sessions in a row of good gains. A price uptrend remains in place on the daily bar chart, which limited selling interest today and continues to invite the chart-based specs to the long side of the futures market.