Corn: December corn fell 8 1/4 cents to $6.59 1/2, while March corn fell 6 1/2 cents to $6.63 1/2, a one-week low. Corn futures came under pressure overnight as the U.S. dollar strengthened sharply and rising Covid cases in China stoked concern over demand. Late today, USDA reported the U.S. corn harvest at 96% complete as of Sunday, up from 93% a week earlier.
Soybeans: January soybeans rose 8 1/2 cents to $14.36 3/4, after dropping as low as $14.17 3/4 earlier today. January soymeal rose $1.90 to $408.00. January soyoil rose 12 points to 70.73 cents. Soybeans erased overnight declines to end higher as firm demand fundamentals and continued dryness in Argentina encouraged buyers.
Wheat: March SRW wheat fell 3 3/4 cents to $8.18 1/4, the lowest close since Sept. 1. March HRW wheat fell 1 cent to $9.22 3/4. March spring wheat fell 5 cents to $9.53 3/4. Winter wheat futures extended last week’s slide as a surging dollar fueled pessimism over export demand. Late today, USDA reported 32% of the U.S. winter wheat crop in “good” or “excellent” condition as of Sunday, unchanged from a week earlier and one percentage point below analysts’ expectations. Acreage rated poor-to-very poor rose to 33% from 32%.
Cotton: December cotton fell the initial daily limit of 400 points to 81.16 cents, the contract’s lowest closing price since Nov. 2. March cotton fell 400 points to 79.78 cents. Cotton took pressure as the dollar strengthened a third straight session and crude oil price tumbled to the lowest level since late January.
Cattle: February live cattle rose 87.5 cents to $156.725, the contract’s highest close since Oct. 27. January feeder cattle rose $1.85 to $182.625, the highest close since Sept. 20. Live cattle extended last week’s gains as bullish USDA feedlot data underscored a tight supply and firm cash outlook. Live steers averaged $152.89 last week, up 18 cents from the previous week and the seventh consecutive weekly advance.
Hogs: February lean hogs rose 60 cents to $90.15. February lean hogs were supported by chart-based buying and spillover strength from the cattle market. Cash fundamentals remained soft. The CME lean hog index fell 37 cents to $87.77 (as of Nov. 17), the lowest since February. Pork cutout values fell $1.45 to $91.99 as weakness in six of seven primal cuts sent the average to an 11-month low. However, movement rose sharply, to 370 loads.