Corn: Corn futures settled low-range and down 9 to 13 ¼ cents as the market was unable to hang onto early gains. The front-month narrowly avoided posting a bearish reversal on the day. Corn futures settled low-range for the day as the market zeroed in on the potential for some rain in the eastern Corn Belt later this week. But the outlook for the next 10 days to two weeks remains fairly dry with some bouts of high temperatures expected.
Soybeans: Soybean futures closed down around 10 to 12 cents. Soybean meal was off about $3.00 and September bean oil was steady to down 3 points. Despite rising levels of U.S. soybean crop stress and declining yield potential to late-planted soybeans, as well as a hot and mostly dry weather forecast for the next several days, the shorter-term traders decided to take some profits from late last week’s gains.
Wheat: Winter wheat futures closed down 14 1/4 to 18 1/4 cents today, finishing nearer the daily lows and scoring bearish daily reversals down. Spring wheat posted losses around a dime. Increased speculative fund selling was featured in the wheat futures markets today. Solid losses in the corn and soybean futures markets also spilled over into selling pressure in wheat futures today. U.S. harvesting made good progress in the Southern Plains this past weekend, and in the Midwest. Some increase in farmer selling was reported to start the week.
Cotton: Cotton futures enjoyed some corrective short-covering today and futures settled high-range with gains of 99 to 134 points. The front-month led gains. Hurricane Barry struck Louisiana as a weak hurricane over the weekend and dissipated to a tropical storm as it moved across the Gulf Coast states. The system likely caused some damage to cotton-producing areas in its path, but the storm did not hit top-producing Texas.
Cattle: Live cattle futures favored the downside today and ended steady to 20 cents lower on the day, with the exception of the front month that settled 2 ½ cents higher. Feeder cattle futures settled 5 to 27 ½ cents higher. Live cattle futures faced some profit-taking to start the week as traders took advantage of recent gains and dollar strength by booking some profits. While cash cattle prices strengthened a few bucks last week to an average price of $113.37, traders remain hesitant to erase the discount nearby contracts hold to the cash market.
Hogs: August lean hogs closed down 55 cents today, with the October contract up 67 1/2 cents. The July futures went of the board today at $70.775. August lean hogs are trading at a wide $10 premium to the cash hog index. That suggests cash hogs and fresh pork will need to lead any further rallies in futures. Fresh pork prices were lower last week, and sales were only moderately active despite slaughter rising more than 6% above year ago. The midday pork report today showed cutout value down 63 cents, led by losses in picnics. Sales were light at 135.28 loads.