Corn: July corn rose 1 1/2 cents to $4.38 1/2, nearer the session low. Corn futures held a muted tone into and post report, despite USDA’s trim to both old- and new-crop ending stocks.
Soybeans: July soybeans fell 8 1/4 cents to $10.42 1/4 and closed nearer session lows. July meal inched 30 cents higher to $294.5. July bean oil slid 41 points to 47.61 cents. Old-crop soybean futures saw persistent weakness today as traders were disappointed to see no change in the USDA balance sheet.
Wheat: July SRW wheat fell 7 3/4 cents to $5.26 1/2, near the session low and hit a three-week low. July HRW wheat fell 3 1/2 cents to $5.22 3/4, near the daily low and hit a three-week low. Spring wheat futures were up around 4 cents at time of writing. After showing bullish promise to end the trading week last Friday, the winter wheat futures bulls have laid an egg, with price losses every day so far this week.
Cotton: July cotton fell 33 points to 65.14 cents, nearer the session high. The cotton futures market continues to languish in a sideways and choppy trading range at lower price levels.
Cattle: August live cattle fell $1.075 to $216.95, nearer the session low. June live cattle rose 37 1/2 cents to $228.20 and set another record high today. August feeder cattle rose 17 1/2 cents to $311.25, nearer the session high. The cattle futures markets took a normal pause today after prices pushed to contract/record highs earlier this week.
Hogs: July lean hog futures settled a nickel higher at $108.90, near mid-range. Hog futures traded in a relatively tight range today as cash fundamentals continue to grind higher, supporting the ongoing rally in the futures market.