Corn: July corn fell 11 1/2 cents to $5.97 1/2, nearer the session low and below the 40-day moving average. Corn extended Friday’s gains to begin the overnight session, though momentum faded shortly following this morning’s open as profit-taking efforts ensued.
Soybeans: July soybeans traded both sides of unchanged before ending the session 2 1/2 cents lower at $13.50. July soymeal closed $3.40 higher and nearer the session high. July soyoil closed 24 points lower at 49.26 cents. Soybean futures gave up overnight gains to post mild losses on the day in a struggle to break through technical resistance.
Wheat: July SRW wheat firmed 5 cents to $6.24, closing near mid-range. July HRW wheat rose 10 cents to $8.22 1/4, while July spring wheat futures closed 12 1/2 cents higher to $8.20 1/4, ending the session near the intraday high. The winter wheat futures markets saw short covering today, along with some perceived bargain hunting, following the late-May selling pressure.
Cotton: July cotton fell 126 points to 84.79 cents, nearer the session low. Cotton futures extended Friday’s weakness despite crude strength after top crude exporter Saudi Arabia pledged to cut production by an additional 1 million barrels per day from July.
Cattle: August live cattle rose 37 1/2 cents to $173.275 and near mid-range. Prices hit another contract high today. August feeder cattle gained 70 cents to $242.60, near the session high and closed at a contract high close. Solid cash cattle market fundamentals and bullish technical chart postures keep pushing the live and feeder cattle futures markets north.
Hogs: August lean hog futures fell 67.5 cents before settling at $81.625, in the upper third of today’s range. Nearby June futures fell $1.40 to $85.325. Lean hog futures started the week off with corrective selling after last week’s impressive rally from contract lows.