Corn: July corn futures fell 14 1/2 cents to $7.71 3/4, a six-week low. December corn fell 13 3/4 cents at $7.25 1/4, a two-week low. Corn futures fell after USDA reported a larger than expected increase in U.S. corn-planting progress last week. USDA said 72% of the crop was planted as of Sunday, up from 49% a week earlier but still behind the 79% average of the previous five years.
Soybeans: July soybeans rose 6 cents to $16.93. November soybeans fell 1 1/4 cent to $15.17 1/2. July soymeal rose $4.60 to $427.10 per ton, while July soyoil fell 35 points to 80.12 cents per pound. Soybeans ended mixed following two-sided trading, with spillover from sharp declines in corn and wheat muted by concern over slow U.S. plantings and concern over tight global vegetable oil supplies.
Wheat: July SRW wheat fell 35 1/4 cents to $11.54 3/4, the lowest closing price since May 11. July HRW wheat fell 38 3/4 cents to $12.37 3/4, also a two-week low. July spring wheat fell 21 1/4 cents to $12.77 1/4. Winter wheat futures plunged after USDA reported modest improvement in crop conditions, with funds selling heavily as charts eroded amid signs of a major market top.
Cotton: July cotton futures fell 121 points to 141.54 cents per pound. Futures were under pressure from reports of widespread showers over West Texas that may bring relief to dry crops. USDA late Monday said the U.S. crop was 54% planted as of Sunday, 3 percentage points ahead of the five-year average.
Cattle: August live cattle fell 22.5 cents to $132.75, while August feeder futures gained $2.525 to $168.15. Strength in wholesale beef supported live cattle futures. Choice cutout values rose 64 cents early today to $264.92. Early-week cash trade indicated prices will continue to slip. Live steers last week averaged $140.25, down $2.19 from the previous week’s average.
Hogs: July lean hogs fell $1.80 at $109.05. Futures fell on corrective profit-taking in the wake of sharp recent gains, thought improving cash fundamentals should limit downside. The CME lean hog index rose 91 cents to $102.08 (as of May 20), the fourth straight daily gain and a two-week high. Pork cutout values extended a recent upturn, rising 1.19 to $108.24, the highest daily average since April 22.