Corn: July corn futures fell 4 cents to $7.69 1/4 and December corn fell 1 cent to $7.21 1/2. Corn took heavy spillover from the soy complex and a tumbling stock market, but extreme heat expected across the Midwest this week likely limited selling interest. Late today, USDA reported a slight, unexpected deterioration in U.S. corn crop conditions, dropping its combined good-to-excellent rating to 72% as of Sunday from 73% a week earlier. Analysts on average expected the rating to stay at 73%.
Soybeans: July soybeans fell 38 cents to $17.07 1/2, while November futures tumbled 34 1/2 cents $15.33 3/4. July soymeal fell $14 to $415.10 per ton and July soyoil fell 130 points to 79.51 cents per pound, near a two-week low. The soy complex joined a broad commodity selloff fueled by sharp declines in U.S. equities. USDA, in its initial soybean ratings of the season, reported the crop at 70% good-to-excellent, meeting trade expectations.
Wheat: July SRW wheat rose 1/4 cent to $10.71. July HRW wheat fell 3/4 cent to $11.61 3/4. July spring wheat rose 1/4 cent to $12.21 3/4. Wheat futures were pressured by broad-based selling across commodities today but held up relatively well. USDA late today reported spring wheat planting 94% complete as of Sunday, up from 82% last week, while the winter wheat harvest was 10% complete, 2 percentage points behind the five-year average.
Cotton: July cotton rose 60 points to 145.66 cents per pound, while December futures rose 45 points to 122.81 cents. Cotton futures ended mostly higher after rebounding from initial losses driven by a steep tumble in the U.S. stock market and a surge in the U.S. dollar. Cotton remains supported by concern heat and dryness will stunt early crop development in key production areas, such as West Texas.
Cattle: August live cattle fell $2.325 to $133.875. August feeders dropped $3.15 to $171.325. Weak outside markets weighed heavily on cattle futures, which, along with a weak start for wholesale beef trade this morning, likely points to lower cash cattle prices for the week. Choice beef cutout values fell 78 cents today to $270.54 on light movement of 93 loads.
Hogs: July lean hogs rose $1.20 to $106.675. Hog futures shrugged off weakness in cattle and grain markets, supported by cash market strength and signs of solid demand. Today’s CME lean hog index fell 12 cents to $107.19 but is projected to rise 21 cents tomorrow to $107.40 (as of June 10). Pork cutout values rose $2.22 to $111.38 on strong movement of nearly 307 loads.