Corn: December corn fell 1 1/2 cents to $4.51 3/4 but notched a high range close. Price pressure was featured to begin the last week of July as contract expiration and USDA’s Acreage and Quarterly Stocks Reports are a not-so-distant reality.
Soybeans: November soybean futures rallied 10 1/2 cents to $11.30 1/2 and settled nearer session highs. August meal futures surged $9.60 to $358.30 and settled on session highs. August bean oil futures sunk 41 points to 43.79 cents. Soybeans and soymeal showed remarkable strength today, firming throughout the session and closing near session highs.
Wheat: December SRW wheat fell 5 1/2 cents at $5.94 1/4 and near mid-range. Prices hit a three-month low today. December HRW wheat lost 1 3/4 cents at $6.01 1/2, near mid-range and hit a 2.5-month low today. September spring wheat futures sunk 3 1/2 cents to $6.13 3/4. December winter wheat futures prices suffered their eighth straight down day and 14 out of the past 15 sessions closing lower.
Cotton: December cotton rose 118 points to 73.39 cents, marking the highest close since June 6. December cotton futures faced corrective buying, with support stemming from a weaker U.S. dollar combined with crude oil strength, though technical resistance at the 20-day moving average limited a move higher.
Cattle: August live cattle rose $1.675 to $184.825, near the session high and hit an eight-month high. August feeder cattle closed up 52 1/2 cents at $258.90 and nearer the session high. Strong cash market fundamentals and technical buying interest from the speculators fueled the cattle futures markets today.
Hogs: August lean hog futures sunk $2.60 to $86.725, marking a fresh contract low close. Lean hog futures continue to trend lower on the daily bar chart, driven by continued weakening cash fundamentals.