Corn: December corn fell 5 1/4 cents to $5.90, the lowest closing price since $5.86 1/2 on July 12. Corn fell for the second straight session on expected rainfall and relief from extreme Midwest heat in the coming week. The Midwest is expected to receive two rounds of organized rain through July 27, along with a pullback in temperatures from the 100-degree plus readings posted this week.
Soybeans: November soybeans dropped 26 cents to $13.32 1/4, the lowest closing price since July 6. August soyoil tumbled 186 points to 60.03 cents, while August soymeal inched up $1.50 to $436.50. Soybeans were pressured by a less-threatening Midwest weather outlook, overshadowing USDA’s announcement early today of 136,000 MT of soybeans to China in the 2022-23 crop year.
Wheat: September SRW wheat rose 7 1/4 cents to $8.19 1/2, the contract’s highest closing price since July 11. September HRW wheat rose 1 1/4 cents to $8.70 1/2. September spring wheat fell 5 1/2 cents to $9.24 1/4. Winter wheat futures continued to stabilize and correct higher following last week’s drop to five-month lows. Traders kept an eye on the outcome of Egyptian wheat purchase negotiations and on talks on a possible deal to boost grain exports from war-torn Ukraine.
Cotton: December cotton rose 43 points to 92.81 cents and near mid-range after reaching the highest intraday price in over a week. Price action the past four trading sessions has been encouraging to the cotton bulls, suggesting a near-term market bottom is in place.
Cattle: August live cattle rose 2.5 cents to $135.75, while August feeder cattle fell 92.5 cents to $177.825. Live cattle futures ended mixed in narrow-range price action as traders waited for cash trade to develop and USDA’s Cattle on Feed update on Friday. Choice beef cutout values fell $2.04 to $270.53 but movement was again strong at 119 loads. Live steers averaged $136.59 this week through this morning, on track for a sharp drop from last week’s average of $142.12.
Hogs: August lean hogs surged $2.05 to $114.875, the highest closing price since April 22. Hog market fundamentals, particularly for the short-term, remain supportive. The latest CME Lean Hog Index climbed $1.02 to $115.91, a 13-month high. Tomorrow’s index is expected to rise another 46 cents. Pork cutout values fell 75 cents to $124.37 on lighter movement of 224 loads.