Corn: July corn futures rose 13 1/4 cents to $7.88 1/2, the contract’s highest closing price since May 5. December corn gained 16 3/4 cents to $7.35 3/4. Corn futures rose amid ongoing concern over slow U.S. planting and tightening grain supplies a day ahead of a USDA Supply and Demand Report that’s expected to show further shrinkage in the domestic and global balance sheets.
Soybeans: July soybeans rose 14 1/2 cents to $16.06 3/4. July soybean meal fell $3.60 to $397.90, a 3 1/2-month closing low. July soyoil rose 241 points at 83.45 cents per pound. Soybeans climbed behind strength in crude oil and expectations USDA Supply and Demand report will reflect shrinking supplies. USDA is expected to lower its forecast for 2021-22 U.S. ending soybean stocks by about 35 million bu., to 225 million bu., and cut its global stockpiles as well.
Wheat: July SRW wheat rose 20 1/4 cents to $11.13, the contract’s highest settlement since April 18. July HRW wheat rose 25 1/2 cents to $12.00 1/2, the highest close since March 7. July spring wheat rallied 42 1/2 cents to $12.56, a lifetime-high close for the contract. Futures rallied amid ongoing concern over adverse weather and tight global supplies.
Cotton: July cotton gained 66 points to 143.60 cents per pound, while December advanced 58 points to 124.75 cents. Cotton futures gained behind broader commodity market strength led by crude oil, which rallied over $5, helping offset weakness in U.S. stocks.
Cattle: June live cattle gained $1.175 to $133.575. August feeder cattle fell $1.85 to $170.00. Live cattle futures climbed for the second day in three but faded amid signs of cash market weakness and ongoing concern over beef demand. Wholesale beef prices continue to languish around eight-week lows, with Choice cutout values down 16 cents to $255.08. Movement was again strong at 185 loads, indicating that packers are cutting prices to spur retail buying.
Hogs: June lean hogs fell 72.5 cents to $100.85, the contract’s lowest closing price since Jan. 18. Hog futures extended a sharp, three-week slide as slumping wholesale pork prices fueled concern that expensive meat is hurting demand. Pork cutout values fell 70 cents to $99.49, the lowest daily average since Feb. 8, while movement remained relatively light at 262 loads.