Corn: July corn fell 2 3/4 cents to $4.43 1/2, a more than six-week low close. Corn futures extended losses for a fifth straight session as support from strong overnight gains in wheat eased shortly after this morning’s open.
Soybeans: July soybean futures plunged 20 1/2 cents to $11.84 1/2 and settled near session lows. July meal futures closed $5.20 lower to $359.50 and closed near session lows. July bean oil futures sunk 138 points to 44.14 cents. Soybean futures closed lower for the fifth consecutive session and closed at the lowest mark in a month.
Wheat: July SRW wheat fell 5 3/4 cents at $6.72 3/4 and nearer the session low. July HRW wheat lost 8 3/4 cents at $7.00 and nearer the session low. July spring wheat futures closed 6 cents lower to $7.33 3/4. The wheat futures markets are feeling the spillover selling pressure from the recent downdrafts in the corn, soybeans and soybean meal futures markets.
Cotton: July cotton plunged the 300-point limit to 73.15 cents, marking a more than 19-month low close. Cotton futures carried recent selling efforts into a new month, with notable pressure stemming from outside markets and a general risk-off tone across commodities.
Cattle: August live cattle rose 42 1/2 cents to $178.875 and nearer the session high. August feeder cattle lost 20 cents at $256.20, nearer the session high and hit a three-week low early on. It’s not a bad start to the trading week for the cattle futures markets bulls.
Hogs: July lean hog futures fell 85 cents to $96.275 and settled on session lows. Lean hog futures continue to languish despite returning seasonal strength in the cash market as traders retain bearish bets through the summer.