Corn: July corn futures plunged 21 1/4 cents to $7.46 3/4, while December corn fell 38 1/4 cents to $6.55 1/2, the lowest close since March 29. New-crop corn dropped near a three-month low as an outlook for improved Midwest weather combined with escalating recession concerns to spur heavy fund liquidation.
Soybeans: July soybeans sank 59 1/2 cents to 15.93 1/4, while November futures dropped 61 cents to 14.15 1/2, the lowest close since April 1. July soymeal fell $5.70 to $426.70, while July soyoil declined 295 points to 67.71 cents, a four-month low. Soybeans joined a broad commodity market sell-off as chart breakdowns and an outlook for milder Midwest weather fueled active fund selling.
Wheat: December SRW wheat fell 39 3/4 cents to $9.64 1/2 and December HRW wheat fell 35 cents to $10.20 1/2, both near three-month lows. December spring wheat futures tumbled 27 1/4 cents to $10.86. Wheat futures extended this week’s slump on increasing harvest pressure and expanding concern over a potential recession.
Cotton: July cotton fell the daily trading limit of 700 points to 136.32 cents per pound. December cotton tumbled 606 points to 102.01 cents, a 3 1/2-month low. Cotton prices dropped amid heightened worries a potential U.S. recession may reduce demand for apparel.
Cattle: August live cattle lost $1.05 to $133.875, the lowest closing price since June 13. August feeder cattle climbed $1.70 to $174.85. Live cattle futures fell on a softening cash market and concerns a possible recession may prompt consumers to cut back on pricier foods, such as beef. Choice beef cutout values fell $1.91 to a four-week low at $264.66. Movement totaled 104 loads.
Hogs: August hog futures sank $4.65 to $103.675. Hog futures joined a commodity sell-off as expanding recession fears overshadowed cash market firmness. The next CME Lean Hog Index is expected to drop 7 cents, to $110.67, but is still near a 10-month high. Pork cutout values fell $1.38 to $109.77, led by a drop of nearly $15 in bellies. Movement was relatively light at about 242 loads.