Corn: December corn firmed 19 1/2 cents to $5.83 3/4. Corn futures were initially boosted overnight by news Russia attacked Ukraine’s Odesa port over the weekend and gained further support from expectations for a return of hot and dry conditions to the Midwest next week. Late today, USDA reported 61% of the U.S. corn crop in either “good” or “excellent” condition as of Sunday, down from 64% a week earlier and below analysts’ expectations for a combined rating of 63%.
Soybeans: November soybeans fell 30 1/4 cents to $13.46. September meal rose $15.90 to $415.20. September soyoil fell 51 points to 58.32 cents. The soy complex gained support from strength in crude oil and concern that expected hotter Midwest weather next week could harm yield prospects. USDA today reported 59% of the U.S. soybean crop in good-to-excellent condition, down from 61% the previous week and the sixth straight weekly decline. A number closer to 60% was expected.
Wheat: September SRW rose 11 cents to $7.70. September HRW rose 19 1/2 cents to $8.39 3/4. December spring wheat rose 14 cents to $8.98. Wheat surged overnight after Russia attacked Ukraine’s port city of Odesa, not long after an agreement was signed to allow safe passage of grain from Black Sea ports. Late today, USDA reported 68% of the spring wheat crop in good-to-excellent condition, down from 71% the previous week and below analysts’ expectations for an unchanged figure.
Cotton: December cotton rose 17 points to 91.06 cents per pound, around the middle of the day’s range. Cotton futures rose modestly following two-sided range trade, supported by strength in grain and crude oil prices and in U.S. stocks, along with a softer tone in tone in the U.S. dollar. Late today, USDA reported 68% of the spring wheat crop in good-to-excellent condition, down from 71% the previous week and below analysts’ expectations for an unchanged figure.
Cattle: August live cattle rose 37.5 cents at $137.75, the contract’s highest closing price since April 26. August feeders fell $2.25 to $179.30. Last Friday’s cattle report data was mostly neutral, though the inventory data signaled a notable reduction in the beef herd and indicated numbers will continue to contract. Cash cattle averaged $141.12 last week, down $1.00 from the previous week. Choice beef cutout values rose 99 cents to $268.11 on light movement of 90 loads.
Hogs: August lean hogs fell $1.475 to $117.225, while October futures declined $2.20 to $94.125. August hogs fell for the first session in seven on corrective selling and profit-taking pressure in the wake of the past week’s rally to three-month highs. Cash fundamentals remains firm. The CME lean hog index rose $1.18 to $118.22, a 13-month high, and is expected to gain another 86 cents tomorrow to $119.08. Pork cutout values rose $1.85 to $127.92, near a 12-month high. Movement totaled 289.5 loads.