Corn: July corn fell 1 cent to $7.68 1/4, while December corn fell 1/4 cent to $7.21 1/4. Corn futures posted mild declines as a slumping U.S. stock market weighed on commodities, but extreme heat in the Midwest this week combined with a slight crop ratings decline may limit corn price weakness.
Soybeans: July soybeans fell 9 cents to $16.98 1/2, the contract’s lowest closing price since June 3, while November futures fell 8 1/2 cents to $15.25 1/4. July soymeal sank $4.10 to $411.00 and July soyoil fell 123 points to 78.28 cents. USDA’s initial soybean ratings of the season had 70% of the crop at “good” or “excellent,” meeting trade expectations, while the crop was 88% planted as of Sunday.
Wheat: July SRW wheat fell 20 3/4 cents to $10.50 1/4, the contract’s lowest closing price since June 3. July HRW wheat fell 19 1/2 cents to $11.42 1/4. July spring wheat fell 13 1/4 cents to $12.08 1/2. Winter wheat futures fell amid accelerating harvest pressure, dollar strength and escalating recession worries.
Cotton: July cotton fell 218 points to 143.48 cents per pound, while December fell 216 points to 120.65 cents. Futures dropped as the slumping U.S. stock market overshadowed deteriorating crop ratings. USDA reported 46% of the U.S. crop in good-to-excellent condition, down from 48% a week earlier.
Cattle: August live cattle rose 20 cents to $134.075. August feeders slipped 2.5 cents to $171.30. Live cattle posted a modest corrective bounce from Monday’s sharp declines but may face limited upside potential amid expectations for weaker cash and concerns a potential recession will hurt beef demand.
Hogs: June lean hogs expired today at $108.45, up 45 cents. July hogs fell 5 cents to $106.625. Hog futures ended mostly lower amid ideas the cash market has put in a seasonal top. While the CME lean hog index for Wednesday (as of June 13) is projected to rise 73 cents to $108.13, pork cutout values sank $2.71 today to $108.67. Movement was strong at 356 loads.