Corn: December corn futures fell 5 1/4 cents to $6.93. Corn posted modest losses on corrective selling following Monday’s rally near four-month highs, as traders awaited Wednesday’s USDA monthly Crop Production and Supply and Demand reports. Late today, USDA said 31% of the U.S. corn harvest was complete as of Sunday, up from 20% the previous week and slightly ahead of the 30% average for that date the previous five years. Progress fell short of analysts expectations at about 34%.
Soybeans: November soybeans rose 2 1/4 cents to $13.76 1/4, while December meal futures rose 30 cents to $406.00, and soyoil futures fell 56 points to 68.98 points. Soybeans faded from earlier strength and ended narrowly mixed as lackluster export demand and an outlook for a large South American crop continued to hang over prices. USDA reported the U.S. soybean crop was 44% harvested at the start of this week, up from 22% a year earlier and ahead of the 38% five-year average. Progress topped expectations for 41% completion.
Wheat: December SRW wheat fell 37 cents to $9.01. December HRW wheat fell 33 1/2 cents to $9.90 3/4. December spring wheat fell 29 cents to $9.85 1/4. Wheat futures dropped sharply on pressure from profit-taking and corrective selling following Monday’s rally to three-month highs. Late today, USDA said 55% of the winter wheat crop was planted at the start of this week, up from 40% a week earlier but behind the 58% average for the past five years. Progress matched trade expectations.
Cotton: December cotton rose 63 points at 88.86 cents, the highest close in a week. Cotton posted modest advances as weakness in the U.S. dollar offset pessimism over the global economy and weakness in grain and crude oil.
Cattle: December live cattle rose $1.40 to $148.40, the contract’s highest closing price since Sept. 22. November feeder futures jumped $3.10 to $175.975. Live cattle climbed on optimism over cash prices, which rose $1.45 last week, based on USDA’s average live steer prices. Choice beef cutout values rose $2.12 to $246.75 on strong movement of 145 loads.
Hogs: October lean hogs fell 72 cents to $93.025. December slipped 7.5 cents to $79.525. Nearby futures eased amid uncertainty over the cash market’s tone. Today’s CME lean hog index rose 33 cents to $92.98 (as of Oct. 7), still near an eight-month low. Wednesday’s quote is expected to decline 3 cents. By contrast, wholesale pork continued to strengthen, as cutout values rose $1.76 to $103.15, near a three-week high. Movement was strong at 334 loads.