Corn: December corn fell 29 cents to $5.78 1/2, the contract’s lowest settlement since Feb. 4. Corn tumbled after crop-benefitting rains fell over much of the Midwest the past 48 hours, with more on the way. USDA late today rated 64% of the corn crop either “good” or “excellent” as of Sunday, down from 67% in those categories a week earlier and even with the same date in 2021. Traders expected a good-to-excellent reading of about 65%.
Soybeans: November soybeans sank 79 1/4 cents to $13.16, the lowest close since Jan. 24. August soymeal fell $11.70 to $410.40. August soyoil fell 481 points to 59.62 cents. November soybeans gapped lower at today’s open on expectations weekend rains and crop-favoring weather will boost yield prospects. USDA rated 63% of the U.S. soybean crop in good-to-excellent condition as of Sunday, down from 65% from a week earlier but above 59% a year earlier. Traders expected a good-to-excellent reading of about 64%.
Wheat: September SRW wheat tumbled 39 cents to $8.07, the lowest closing price since Feb. 18. September HRW wheat sank 51 1/2 cents to $8.62. September spring wheat fell 58 cents to $8.90. Wheat futures extended last week’s nosedive amid expanding harvest pressure. USDA reported 54% of the U.S. winter wheat crop was harvested as of Sunday, up from 41% a week earlier and ahead of the 48% average for the previous five years. Harvest progress fell short of analysts’ expectations average about 57% complex.
Cotton: December cotton dropped the 400-pojnt daily limit to settle at 93.48 cents per pound. Cotton futures joined other commodity markets under pressure from dollar strength and recession concerns. USDA rated 36% of the U.S. cotton crop good-to-excellent, down from 37% a week earlier and below 52% on the same date last year.
Cattle: August live cattle fell $1.675 to $132.925, while August feeder futures tumbled $1.80 to $172.70. Current cattle fundamentals still look supportive, with the usual post-July 4 sag in beef demand mitigated by tight supplies of market-ready animals. Live steers last week averaged $146.15, up $1.60 from the previous week’s average.
Hogs: August hogs rose $2.975 to $105.95, the contract’s highest closing price since June 24. Hog futures ended mixed, holding up relatively well amid a broad commodity sell-off. The next CME lean hog index is expected at $110.58, down 12 cents from today’s figure and the fourth straight daily decline. Pork cutout values rose $5.73 to $114.48, a three-week high. Movement was strong at 306 loads.