Corn: July corn futures fell 2 1/4 cents to $4.49 1/2 and near the session low. The corn market bulls today got no traction from sharply higher wheat futures prices, reckoning the higher wheat was just short covering ahead of Wednesday’s monthly USDA supply and demand report.
Soybeans: July soybeans closed 10 1/4 cents lower at $11.78, while July soymeal fell $8.70 to $359.30. Both ended near session lows. July soyoil rose 1 point to 43.67 cents, notching a high-range close. Soybeans favored the downside in a tight range as technical support limited selling while selling across meal futures weighed on prices.
Wheat: July SRW futures surged 19 cents to $6.26 1/2 and settled nearer session highs. July HRW futures firmed 11 1/4 cents to $6.55, closing nearer session highs. July HRS futures rose 3 1/2 cents to $6.78 3/4. Wheat futures surged on corrective buying efforts ahead of Wednesday’s USDA reports.
Cotton: July cotton rose 92 points to 72.73 cents, notching a near mid-range close. Cotton futures regained a portion of Monday’s losses, though gains were limited by continued strength in the U.S. dollar and general weakness across equities.
Cattle: August live cattle futures sunk $1.05 to $178.925 and settled nearer session lows. August feeder cattle futures fell $1.00 to $257.65. Live cattle futures failed to followthrough on Monday’s strength, though selling pressure was limited.
Hogs: July lean hogs closed down 62 1/2 cents at $92.275 and nearer the session low. June hogs go off the board Friday, and today closed down 30 cents at $91.95. The lean hog futures market today saw more chart-based, speculator selling interest.