Corn: July corn futures fell 2 3/4 cents to $4.44, near mid-range and hit a more-than-three-month low early on. The price downdraft in the corn futures market continues. Today’ s pressure came in part due to a stronger U.S. dollar index and a risk-off atmosphere in the general marketplace, on reports Iran is backing out of the peace talks negotiations.
Soybeans: July soybeans fell 5 cents to $11.80 3/4, nearer the daily low and hit a two-week low. July soybean meal lost $3.30 to $326.50, nearer the daily low and hit a three-week low. July soybean oil rose 137 points to 79.09 cents, nearer the daily high and hit a contract high. The soybean and meal futures sold off today amid a stronger U.S. dollar index and a risk-off trading day in the general marketplace.
Wheat: July SRW lost 1 3/4 cents to $6.08 3/4, near the daily low and hit a three-week low. July HRW fell 2 3/4 cents to $6.47, nearer the daily low and hit a five-week low. September spring wheat futures fell 13 cents to $6.75 1/2, nearer the daily low. A stronger U.S. dollar index today was also a negative for wheat. Wheat bulls got no traction today from sharp gains in crude oil prices amid Iran reportedly discontinuing peace talks with the U.S.
Cotton: July cotton futures rose 49 points to 76.64 cents, nearer the session low. Cotton futures saw some more short covering today. Gains were limited by a risk-off trading day in the general marketplace and by a stronger U.S. dollar index.
Cattle: August live cattle rose $1.55 to $240.60, nearer the daily high. August feeder cattle gained $3.125 to $351.55, nearer the daily high. The cattle futures markets today saw short covering and perceived bargain hunting, with feeders leading the way. New World Screwworm has been found in a young sheep in Mexico within 31 miles of the U.S. border, USDA reported on Friday.
Hogs: August lean hog futures fell $0.75 to $97.60, nearer the daily low and hit a six-month low. The lean hog futures market saw continued technical selling pressure today. Near-term charts remain firmly bearish. Prices are still in a steep downtrend on the daily bar chart.