Corn: July corn futures fell 7 3/4 cents to $7.99 1/4 after reaching a contract high at $8.14 overnight. December corn lost 2 3/4 cents to $7.47 after hitting a contract high for the seventh straight day. Corn futures fell on profit-taking from recent gains and spillover pressure from slumping wheat and crude oil. U.S. planting progress is expected to remain slow with more rain forecast for much of the Midwest this week.
Soybeans: July soybeans fell 1 1/2 cents to $16.91 3/4, after rising to a three-week high overnight at $17.05 3/4. July soymeal fell 70 cents to $459.60 per ton and July soyoil rose 11 points to 78.20 cents per pound. Soybeans ended mixed as fresh export business offset to some extent sharp declines in crude oil and wheat.
Wheat: July SRW wheat fell 19 3/4 cents to $11.09 after posting a six-week high at $11.43 1/2 overnight. July HRW wheat fell 12 3/4 cents to $11.76 1/4 and July spring wheat fell 5 3/4 cents to $11.72 1/4. SRW futures led declines across the wheat markets as traders booked profits following strong gains the past two weeks. Weakness in crude oil and strength in the U.S. dollar also burdened wheat futures.
Cotton: July cotton fell 492 points to 138.33 cents per pound, the lowest close in a week, while new-crop December dropped 252 points to 120.95 cents. Cotton futures followed crude oil and grain markets lower, while the stronger U.S. dollar also encouraged sellers.
Cattle: June live cattle rose 77.5 cents to $136.575, while April gained 87.5 cents to $141.35. May feeder futures rose $1.625 to $160.775. Live cattle were supported by expectations last week’s cash market gains will continue this week, but packers may be reluctant to bid aggressively ahead of USDA’s Cattle on Feed report Friday. Wholesale beef prices continued to soften. Choice beef cutout values fell $1.15 to $269.93, the lowest daily average since April 4. Movement totaled 102 loads.
Hogs: June lean hogs fell $1.075 to $121.325 after hitting a three-week high earlier. Hog futures fell on profit-taking and corrective pressure following yesterday’s rally. Strength in cash fundamentals may limit price declines. The next CME lean hog index is expected to rise 17 cents to $100.50, the fifth straight daily gain. Pork cutout values fell $2.37 to $107.12, led by an $11-plus drop in bellies. Movement totaled about 296 loads.