Corn: December corn fell 2 3/4 cents to $6.81 1/2. Corn fell on pressure from a strong dollar, soft export demand and an accelerating U.S. harvest. Late today, USDA reported harvest at 61% complete as of Sunday, up from 45% a week earlier and ahead of the 52% average for that date for the previous five years. Harvest progress was slightly below trade expectations for 62% complete.
Soybeans: November soybeans fell 23 1/2 cents to $13.72. December soymeal fell $9.20 to $408.70. December soyoil rose 37 points to a four-month high at 71.87 cents. Harvest pressure and concerns over China and demand overshadowed strong export numbers. Early today, USDA reported 2.89 MT (106.1 million bu.) of soybeans inspected for export in the week ended Oct. 20, the largest weekly figure since November 2021. Late today, USDA said 80% of the soybean harvest was complete as of Sunday, up from 63% a week earlier and well-ahead of the 67% five-year average. Analysts on average expected 77%.
Wheat: December SRW wheat fell 12 cents to $8.38 3/4. December HRW wheat dropped 10 1/4 cents to $9.38. December spring wheat futures fell 3 3/4 cents to $9.57 3/4. Wheat futures fell on U.S. dollar strength, weak export demand and prospects for moisture relief in the parched U.S. Plains. USDA reported 79% of the winter wheat crop was planted as of Sunday, up from 69% a week earlier and slightly ahead of the 78% five-year average. Planting progress was short of trade expectations for about 81% complete.
Cotton: December cotton fell 300 points to 76.13 cents, the lowest close for a nearby contract since December 2020. Cotton was pressured by dollar strength, weakness in crude oil and concern over slower Chinese demand.
Cattle: October live cattle rose $1.125 to $151.60, the highest close for a nearby contract since June 2015. December live cattle rose $1.70 to $154.125, a lifetime-high close. January feeder cattle rose $1.575 to $181.95. Live cattle rose for the sixth consecutive session and posted contract highs behind a strong cash market, bullish technicals and tight supply outlook. USDA-reported live steers averaged $150.07 last week, up from the previous week’s average of $146.99 and the third consecutive weekly increase.
Hogs: December lean hogs fell $1.20 to $87.925, down from last Friday’s two-month high. Hog futures fell in a corrective, profit-taking pullback in the wake of sharp gains the previous two weeks. Strong cash fundamentals and shrinking animal supplies continued to underpin prices. The CME lean hog index rose 29 cents to $94.05 and is expected to gain another 62 cents Tuesday, the benchmark’s seventh gain in the past eight days. Pork cutout values rose 99 cents to $101.93 on strong movement of nearly 343 loads.