Corn: December corn plunged 16 1/4 cents to $4.07 3/4, marking the lowest close since March 30, 2021. An early morning daily export flash and solid uptick in weekly inspections failed to lend support to a falling corn market today.
Soybeans: November soybean futures plunged 30 1/4 cents to $10.99 1/2 and settled nearer session lows. August meal futures sunk $7.20 to $350.00 and closed on session lows. August bean oil closed 46 points lower at 49.09 cents. The soybean complex was not immune to the broad-based selling pressure seen across the commodity markets today as November beans gave up all of last week’s gain.
Wheat: December SRW wheat fell 19 cents to $5.94 1/2 and nearer the session low. December HRW wheat lost 20 1/4 cents to $5.95 3/4, nearer the session low and hit a more-than-three-month low. December spring wheat closed 14 3/4 cents lower at $6.36 1/4. The wheat futures markets today were caught in the downdraft of a broad sell-off in the grain markets and in most of the raw commodity sector.
Cotton: December cotton rose 7 points to 71.05 cents, closing near the session low. Cotton futures remained subdued to begin the week as looming technical pressure continued to curb buying as did lacking support from outside markets.
Cattle: August live cattle fell $2.075 to $184.35. August feeder cattle closed down $2.30 at $259.175. Both markets closed nearer their session lows. Heavy profit taking was featured in the cattle futures markets today after August live cattle prices Friday hit an 8.5-month high.
Hogs: August lean hog futures firmed 35 cents to $89.525, while deferred contracts posted losses. Lean hog futures traded with a varied tone today as the cash market is giving conflicting signals.