Corn: July corn fell 3/4 cent to $4.09 1/2, near the session low, while December futures fell 1 1/2 cents to $4.21. Fund sellers continued to take a page out of last year’s playbook, extending recent selling as first-notice day and USDA’s Quarterly Grain Stocks and Acreage Reports approach.
Soybeans: November soybeans slid 2 1/4 cents to $10.16 1/4 and closed nearer session lows. December soymeal slid $3.5 to $287.2, near session lows. December bean oil climbed 44 points to 52.76 cents. Soybeans saw some consolidation today after recent selling pressure. Pre-report positioning is likely to drive a lot of price action ahead of Monday’s key USDA reports.
Wheat: July SRW wheat fell 7 1/4 cents to $5.21, near the session low and hit a six-week low. July HRW wheat fell 6 cents to $5.18 1/4, near the daily low and hit a six-week low. September spring wheat futures slipped 2 1/2 cents to $6.25 1/2. The winter wheat futures markets have seen stronger commercial hedging pressure this week.
Cotton: December cotton futures climbed 48 points to 68.80 cents and closed nearer session highs. Cotton futures climbed to the highest mark since May 27 as December futures rose for the fifth consecutive session.
Cattle: August live cattle rose 22 1/2 cents to $209.20, nearer the daily high after hitting a four-week low early on. August feeder cattle rose $1.00 to $303.30, nearer the session high. The cattle market bulls were somewhat encouraged by improved trader/investor risk appetite in the general marketplace today, and also by the still-steep discounts that live cattle futures are trading to the cash market.
Hogs: August lean hog futures closed 97.5 cents lower at $110.25, nearer session lows. Lean hog futures saw additional consolidation today as weakness in pork cutout has undercut futures.