Corn: July corn futures fell 19 1/4 cents to $7.81 1/2, while December futures fell 20 1/2 cents to $7.40 1/4. Corn futures fell sharply as spillover from a selloff in the wheat market and prospects for a resumption of grain shipments out of Ukraine sparked active profit-taking. Escalating recession concerns also burdened commodity markets.
Soybeans: July soybeans fell 15 1/4 cents to $16.62 3/4. July soybean meal rose $2.20 to $414.00. July soyoil fell 294 points to 80.55 cents. Spillover pressure from sharp losses in grain and crude oil markets overshadowed fresh export business. USDA early today reported a daily U.S. soybean sale of 229,200 MT to “unknown destinations.”
Wheat: July SRW wheat fell 46 3/4 cents to $12.30 3/4. July HRW wheat fell 43 1/4 cents to $13.24 1/2. July spring wheat fell 40 3/4 cents to $13.52 3/4. Heavy profit taking burdened wheat futures following the market’s rally to contract highs Tuesday. Selling pressure was also tied to reports grain shipments from Ukraine may resume and to prospects for larger production in Russia.
Cotton: July cotton tumbled 399 points to 144.47 cents per pound, while new-crop December fell 318 points to 129.18 cents. Cotton futures dropped in step with sharp losses across commodity markets and U.S. stocks, as disappointing retailer earnings drove concern that record gasoline prices are pushing the U.S. toward recession.
Cattle: June live cattle fell $1.50 to $131.50, the contract’s lowest closing price since Oct. 6, while August feeder futures dropped 97.5 cents to $165.80. Nearby live cattle hit a seven-month low on broader commodity weakness and concern a potential recession would hurt beef demand. Softer cash prices also weighed on futures.
Hogs: June lean hogs rose 95 cents to $106.10, the highest close since May 5. June lean hogs rose a fourth consecutive day as the market extended a corrective recovery from last week’s tumble to four-month lows. Pork cutout values rose $1.50 to $103.61, the highest daily average since May 9. Movement slowed to 287 loads.