Corn: December corn futures fell 2 3/4 cents to $6.07 1/4. Corn futures were pressured primarily by weather as some dry areas of the western Corn Belt received rains over the weekend, with potential for more the next couple of days before warmer, drier conditions return. Late today, USDA reported 58% of the U.S. corn crop in “good” or “excellent” condition as of Sunday, down from 61% the previous week and worse than analyst expectations for a drop to 60%.
Soybeans: November soybeans fell 8 3/4 cents to $14.00. September soymeal fell $1.10 to $436.40. September soyoil rose 35 points to 65.35 cents. November soybeans fell a second straight session on expectations Midwest rainfall will boost yield prospects with soybeans in critical reproductive phases. But lingering concern dryness may persist into the second half of August limited selling pressure. USDA reported 59% of the U.S. soybean crop in good-to-excellent condition, down from 60% a week earlier and meeting trade expectations.
Wheat: September SRW wheat rose 4 cents to $7.79 3/4, while September HRW wheat fell 1/2 cent to $8.47 3/4. September spring wheat fell 5 3/4 cents to $8.80 3/4. Wheat futures ended mixed following two-sided, narrow-range price action as traders watched Ukraine developments and looked ahead to USDA’s Crop Production and Supply and Demand reports Friday. USDA rated 64% of the spring wheat crop in good-to-excellent condition as of Sunday, down sharply from 70% a week earlier. The figure was expected to stay unchanged.
Cotton: December cotton fell 54 points to 95.59 cents and near the session low. Cotton futures fell in subdued trading, with U.S. dollar weakness and crude oil strength limiting price downside. USDA reported 31% of the U.S. cotton crop in good-to-excellent condition, down from 38% a week earlier.
Cattle: October live cattle rose 35 cents to $144.225, the contract’s highest closing price since May 4. September feeder cattle surged $2.225 to $185.65, the highest close since Feb. 23. Feeder cattle led live cattle higher amid expectations last week’s firm cash trade will continue and an outlook for tighter animal supplies. Choice beef cutout values rose $1.62 to $266.24 on solid movement of 105 loads.
Hogs: October lean hogs rose $1.90 to $100.30, a lifetime-high close for the contract. Nearby August hogs rose 97.5 cents to $121.80, the highest close for a nearby contract since June 2021. Solid cash fundamentals and bullish technicals fueled buying interest in hog futures. Today’s CME lean hog index rose 48 cents to $122.09 (as of Aug. 4), 59 cents below last year’s high. Pork cutout values fell 97 cents to $124.06, the lowest in over two weeks. Movement was relatively light at 263 loads.