Corn: July corn futures fell 2 3/4 cents to $4.07, near the daily low and closed at a contract low close again today. The corn futures market today saw selling interest amid very good overall growing weather in the Corn Belt at present.
Soybeans: July soybeans fell 8 1/4 cents to $11.08 3/4, near the daily low. July soybean meal rose $0.70 to $303.60, nearer the daily low. July soybean oil lost 113 points to 69.46 cents, near the daily low and closed at a three-month-low close. The soybean and meal bulls saw overnight and early-session price gains erode as the day progressed. Very good growing conditions in the Midwest amid no threats on the horizon, a strong rally in the U.S. dollar index to a 13-month high today and the big sell off in the crude oil futures market that today saw WTI prices drop below $70 a barrel intra-day, all worked to stymie buying interest in the soybean complex futures.
Wheat: July SRW fell 1 cent to $5.85 3/4, near the daily low. July HRW fell 1 cent to $6.17 1/4, near the daily low and hit a three-week low. September spring wheat futures fell 3/4 cent to $6.16 3/4, nearer the daily low. The winter wheat futures markets saw some tepid short covering early on but gains were erased by the close amid weaker corn and soybean prices today.
Cotton: July cotton futures fell 187 points to 72.09 cents, near the daily low. Cotton futures saw strong technical selling today. A stronger U.S. dollar index that hit a 13-month high today and lower WTI crude oil prices that hit a three-month low below $70 overnight were also bearish outside-market forces for the cotton market.
Cattle: August live cattle rose $0.525 to $246.525, near mid-range. August feeder cattle gained $4.775 to $372.925, nearer the session high and hit a six-week high. The cattle futures markets today saw technical buying and also support from ongoing concerns about reduced beef supplies coming out of Texas due to the NWS detections in the state.
Hogs: August lean hog futures fell $0.525 to $96.70, nearer the daily low. The lean hog futures market today saw some modest technical selling and a corrective pullback from four sessions in a row of price gains in the August contract. More price gains late this week would negate the price downtrend to suggest a market bottom is in place.