Corn: September corn fell 2 1/4 cents to $4.09 1/4, while December futures fell 1 1/2 cents to $4.25 1/2. Corn futures held a muted tone into USDA’s Quarterly Grain Stocks and Acreage Reports, though turned decidedly lower after their release.
Soybeans: November soybeans climbed 2 1/4 cent to $10.27 and settled near mid-range. December meal rose 80 cents to $289.30, near mid-range. December bean oil climbed 14 points to 52.75 cents. Soybeans saw a relatively quiet day of trade despite historically volatile USDA reports.
Wheat: December SRW wheat fell 3 cents to $5.60, nearer the session low and hit a six-week low. December HRW wheat fell 6 3/4 cents to $5.50, nearer the daily low and hit a six-week low. September spring wheat futures slid 9 cents to $6.39. One of the biggest USDA data points of the year delivered a “nothing burger” to the wheat futures markets today.
Cotton: December cotton plunged 119 points to 68.13 cents, closing nearer the session low. Cotton futures tumbled following USDA’s release of its Acreage Report.
Cattle: August live cattle rose 57 1/2 cents to $213.875, nearer the daily high and hit a two-week high. August feeder cattle rose $2.775 to $310.675, near the session high and hit a two-week high. As has been the case in recent months, the cattle futures market bulls have made a strong rebound from last week’s lows to suggest at least a challenge of the record highs scored in early June.
Hogs: August lean hog futures fell $2.775 to $107.50 and settled nearer session lows. Lean hog futures saw sharp selling today amid weakness in cash fundamentals.