Corn: December corn futures fell 10 1/4 cents to $6.09 3/4. Corn futures fell in sympathy with a sharp drop in the soy complex, as Midwest weather forecasts appeared slightly less threatening compared to late last week. Late today, USDA reported 61% of the U.S. corn crop in “good” or “excellent” condition, unchanged from the previous week and one percentage point above trade expectations.
Soybeans: November soybeans fell 62 1/2 cents to $14.06. September soymeal plunged $12.70 to $429.70. September soyoil declined 241 points to 64.09 cents. The soy complex fell sharply on profit-taking following last week’s steep rally. USDA reported 60% of the soybean crop in good-to-excellent condition, an unexpected improvement from 59% a week earlier. Analysts expected a drop to 58%.
Wheat: September SRW fell 7 1/2 cents to $8.00 1/4. September HRW fell 8 cents to $8.66 1/2. September spring wheat fell 8 1/2 cents to $8.97 1/2. Wheat fell as the departure of a grain shipment from the Ukrainian port of Odesa raised optimism over global supplies. USDA reported 70% of the spring wheat crop in good-to-excellent condition, up from 68% a week earlier and above analyst expectations for 67%.
Cotton: December cotton fell 268 points to 94.06 cents per pound, the lowest closing price since July 25. Cotton futures fell sharply on pressure as crude oil fell sharply and weak manufacturing data in several countries stirred concern over demand. USDA reported the cotton crop in 38% good-to-excellent condition, up from 34% a week earlier.
Cattle: October live cattle rose 40 cents to $142.625. September feeder cattle rose $1.55 to $183.10. Cattle futures were supported by a drop in corn prices and chart-based speculator buying, along with signs beef demand is holding up. Choice beef cutout values rose $1.36 today to $270.60, near a two-week high.
Hogs: October lean hogs fell 40 cents to $96.825. Hog futures fell under profit-taking after last week’s gains but remain underpinned by cash strength. The CME lean hog index rose 84 cents to $121.42 (as of July 28), $1.26 under last year’s June peak at $122.68. Tomorrow’s index is expected to rise 45 cents to $121.87. Pork cutout values rose 36 cents to $127.70 on strong movement of nearly 307 loads.