Corn: July corn futures sank 23 3/4 cents to $7.53 1/2, the contract’s lowest closing price since April 4. December corn futures fell 18 1/2 cents to $7.11 1/2, a three-week low. Corn futures tumbled on spillover pressure from sharp declines in wheat and expectations for further planting progress. Late today, USDA reported 86% of the U.S. corn crop was planted as of Sunday, up from 72% a week earlier and just one percentage point behind the five-year average. Progress slightly exceeded analysts’ expectations, which averaged 85%.
Soybeans: July soybeans tumbled 49 cents to $16.83 1/4 after posting a contract high overnight. November soybeans fell 34 1/2 cents to $15.09 1/2. July soymeal fell $17.50 to $414.80, while July soyoil dropped 165 points to 77.92 cents, near a seven-week low. The soy complex fell in sympathy with a steep selloff across agricultural markets. USDA late today reported 66% of the U.S. soybean crop planted as of Sunday, up from 50% a week earlier and one percentage point behind the five-year average. Plantings fell slightly short of the average analyst estimate of about 67%.
Wheat: July SRW wheat plunged the 70-cent daily trading limit to $10.87 1/2, the lowest close since May 4. July HRW wheat fell 69 3/4 cents to $11.65 1/2. July spring wheat fell 57 1/4 cents to $12.47 1/2. Winter wheat futures sank following reports Russia may allow grain shipments from Ukraine. Late today, USDA reported 73% of the U.S. spring wheat crop was planted, up from 49% a week earlier but below the five-year average of 92%. Planting progress topped analysts’ expectations, which averaged 67%.
Cotton: July cotton fell 44 points to 138.98 cents per pound, while December fell 50 points to 122.45 cents. Cotton futures were pressured by sharp losses in grain markets and an initial slump in U.S. stocks. Recent rain in West Texas contributed to selling.
Cattle: August live cattle fell $2.025 to $130.375 and August feeders fell $1.20 to $165.125. Cattle futures took pressure from a broad sell-off across agricultural commodities, along with concern over beef demand and expectations for continued cash market weakness. Choice beef cutout values rose $2.12 today to $267.54, the highest daily average in over five weeks. Movement was strong at 144 loads.
Hogs: July lean hogs plunged $3.725 to $108.00, while August futures fell $4.025 to $106.425. Hogs fell under heavy profit-taking following last week’s rise to four-week highs. Cash fundamentals remain largely bullish, with the next CME lean hog index expected to gain 22 cents to $105.15. Pork cutout values rose $1.55 today to $107.71 on strong movement of 342 loads.