Corn: July corn fell 6 1/4 cents to $4.43 3/4, nearer the session low. Corn futures posted followthrough selling as heavy pressure in soybean and SRW wheat futures cast a shadow over the grain and soy complexes to begin the week.
Soybeans: July soybean futures sunk 22 cents to $11.57 3/4 and settled nearer session lows. July meal futures closed $8.10 lower to $360.30. July bean oil futures firmed 5 points to 43.73 cents and continue to trade in a tight range. Soybean futures fell under heavy selling pressure in the overnight session that persisted through today’s trading, taking nearby futures to the lowest mark in six weeks.
Wheat: July SRW wheat fell 21 1/4 cents to $5.91 1/2. July HRW wheat closed down 22 cents at $6.05 1/2. Markets closed nearer their session lows and hit seven-week lows. July spring wheat futures sunk 17 cents to $6.38 1/2 and settled nearer session lows. Commercial hedge pressure in the winter wheat markets and early reports of better-than-expected HRW yields pressured the wheat markets today.
Cotton: July cotton fell 103 points to 69.94 cents to an 11-month-low close after forging a new contract low early on. Cotton futures edged lower to begin the week as technical selling persists amid a general risk-off tone across commodities.
Cattle: August live cattle fell 37 1/2 cents to $182.80 and hit a three-month high early on. August feeder cattle closed down 65 cents at $261.325. Prices closed and nearer their session lows. The cattle futures markets saw modest profit-taking pressure to start the trading week following recent strong gains.
Hogs: August lean hog futures rallied $1.425 to $91.875 despite weakening cash fundamentals. Lean hog futures surged on this morning’s open, though reports of persistent weakness in the cash market pared gains into afternoon trading.