Corn: December corn futures fell 15 1/2 cents to $5.94 1/4, the lowest closing price since July 25. Corn fell as weather concerns eased slightly, weekly crop ratings topped expectations and Ukrainian grain shipments resumed. USDA reported 61% of the corn crop in “good” or “excellent” condition as of Sunday, unchanged from the previous week and one percentage point above expectations.
Soybeans: November soybeans fell 19 1/2 cents to $13.86 1/2, the lowest closing price since July 26. September soymeal rose $4.50 to $434.20. September soyoil fell 176 points to 62.33 cents. Soybean futures extended Monday’s sharp losses and closed at the lowest levels in a week after USDA’s weekly condition ratings came out better than expected.
Wheat: September SRW wheat fell 25 1/2 cents to $7.74 3/4. September HRW wheat fell 24 1/4 cents to $8.42 1/4. September spring wheat futures tumbled 24 1/4 cents to $8.73 1/4. Wheat remained under pressure amid reports of continued Ukrainian grain shipments out of the Black Sea, a stronger U.S. dollar and a general “risk-off” day in the broader marketplace.
Cotton: December cotton rose 173 points to 94.81 cents per pound. Cotton futures rose for the first session in the past three, boosted by stronger crude oil and questionable crop prospects as heat continues to grip major growing areas in the southern Plains.
Cattle: October live cattle fell 50 cents to $142.125, near the middle of today’s range. September feeder cattle fell $1.65 to $181.45. Live cattle futures fell amid expectations the cash market will extend recent weakness. Feeder cattle erased initial gains fueled by weakness in corn. Choice beef cutout values fell $2.14 to $268.46, though movement was strong at 157 loads.
Hogs: October lean hogs fell 60 cents to $96.225. Traders looked past continued cash market strength amid expectations for a downward cash trend in late 2022. The CME lean hog Index rose 45 cents to a 14-month high at $121.87, while pork cutout values surged $3.32 to $131.02, also a 14-month high, as bellies jumped over $26. Movement was slightly slower at 283 loads.