Corn: July corn rose 3 cents to $4.51 3/4, nearer the session high and above the 100-day moving average. While gains across corn futures were modest in nature to begin the week, price action was quite remarkable given extended selling across the wheat complex.
Soybeans: July soybean futures rallied 9 cents before settling at $11.88 1/4 and near session highs. July meal futures surged $7.30 to $368.00 and closed on session highs. July bean oil futures firmed 3 points to 43.66 cents. Soybean futures once again posted gains off solid technical support, though continue trade largely sideways.
Wheat: July SRW wheat fell 20 cents to $6.07 1/2. July HRW wheat closed down 22 cents at $6.43 3/4. Both markets closed near their session lows and hit five-week lows. There have been nine consecutive lower closes in wheat futures, the longest streak since July of 2015. July spring wheat futures sunk 19 1/4 cents to $6.75 1/4 and settled on session lows. The winter wheat futures markets today were hit by more technical selling pressure and a strong two-session rally in the U.S. dollar index.
Cotton: July cotton plunged 203 points to 71.81 cents, forging a 23-month low close. Cotton futures began the week under strong pressure, extending to a fresh near-term low as technical selling continues to hover over prices.
Cattle: August live cattle rose $2.80 to $179.975. August feeder cattle gained $3.725 at $258.65. Prices closed nearer their session highs. Solid cash cattle market fundamentals boosted the cattle futures markets to start the trading week.
Hogs: June lean hog futures slipped 27.5 cents to $92.25, while most-active July futures sunk 60 cents to $92.90. Lean hog futures saw resurgent selling pressure as the CME lean hog index continues to flounder.