Corn: December corn fell 5 1/4 cents to $6.75 3/4, the contract’s lowest close since $6.75 1/2 on Oct. 6. Corn fell amid sluggish demand as traders looked ahead to USDA’s monthly Crop Production and Supply & Demand updates Wednesday. USDA late today reported 87% of the U.S. corn harvest was complete as of Sunday, up from the previous week and the average for the previous five years for that date, both 76%. Progress was slightly ahead of trade expectations at 86%.
Soybeans: January soybeans fell 12 cents to $14.50 1/2, after earlier reaching a six-week high at $14.69. December soymeal fell $1.40 to $419.00. December soyoil fell 84 points to 76.33 cents. Soybeans fell from an initial climb to six-week highs amid demand concerns after China denied it was easing its strict zero-Covid policy. USDA said the U.S. soybean crop was 94% harvested as of Sunday, up from 88% the previous week and ahead of the 86% average for that date the previous five years. Progress matched trade expectations.
Wheat: December SRW wheat fell 2 cents to $8.45 3/4. December HRW wheat rose 4 cents to $9.57 1/4. December spring wheat rose 5 3/4 cents to $9.60 1/4. Wheat gained behind a pullback in the U.S. dollar and an early rally in crude oil. USDA rated 30% of the U.S. winter wheat crop in “good” or “excellent” condition at the start of the week, a small improvement over 28% a week earlier and matching analysts’ expectations. The crop was 92% seeded as of Sunday, up from 87% a week earlier and slightly ahead of the five-year average of 90%.
Cotton: December cotton rose 56 points to 87.49 cents, the contract’s highest close since Oct. 11. Cotton extended last week’s sharp gains as weakness in the U.S. dollar overshadowed reports China denied it was considering easing its strict zero-COVID policy
Cattle: December live cattle rose $1.40 to $153.05, the highest close for a nearby contract since June 2015. January feeder cattle rose 30 cents to $179.925. Live cattle climbed as tight supplies and firm demand continued to fuel optimism on the cash market outlook. Live steers averaged $151.98 last week, up 3 cents from the previous week’s average and the fifth consecutive weekly increase. Choice beef cutout values rose 80 cents to $264.55, near an 11-week high posted late last week. Movement was slower at 97 loads.
Hogs: December lean hogs rose $4.075 at $87.05, the contract’s highest close since Oct. 26. Hogs rallied in a corrective rebound from the steep declines the past two weeks send the December contract to a three-week low. Cash fundamentals remained soft, but futures were due for a short-term bounce. The CME lean hog index fell 89 cents to near a nine-month low of $91.45, reflecting seasonal pressure from ramped-up slaughter. Tuesday’s index is expected to drop another 57 cents. Pork cutout values rose 23 cents today to $96.95.