Corn: December corn plunged 10 1/2 cents to $4.04 1/4, the lowest close since December 21, 2020. Corn futures were limited today by extended selling in SRW wheat and soybean futures, while a switch to cooler temps midweek and scattered showers also curbed buying interest.
Soybeans: November soybean futures plunged 25 1/4 cents to $10.40 and closed near session lows. August meal futures skid $5.00 to $333.80. August bean oil futures fell 23 points to 46.42 cents though settled nearer session highs. Soybeans saw persistent selling pressure throughout today’s selling session as prices settled near session lows.
Wheat: December SRW wheat fell 19 1/4 cents to $5.56 1/2. December HRW wheat dropped 14 1/4 cents to $5.72 1/4. Both markets closed nearer their session lows and hit contract lows today. December spring wheat futures sunk 16 cents, closing at $6.01 1/4. Technical selling was featured again today as the near-term charts remain in fully bearish postures for winter wheat futures.
Cotton: December cotton rose 117 points to 72.44 cents, a near two-week high close. Cotton futures extended Friday’s gains, overcoming recent technical pressure at the 10- and 20-day moving averages.
Cattle: August live cattle fell 25 cents to $182.125 and nearer the session low. August feeder cattle closed up $0.125 at $258.775 and near mid-range. The cattle futures markets saw quieter starts to the trading week.
Hogs: August lean hog futures closed 2.5 cents lower to $88.425 and settled near mid-range. July futures went off the board 5 cents lower at $88.65. Lean hog futures sustained modest selling pressure most of the session as bullish momentum stalled out near technical resistance, though prices rebounded in afternoon trade.