Corn: December corn futures rose 10 1/4 cents to $6.76, the contract’s highest closing price since Aug. 30. Corn futures rose as a reduced yield outlook stemming from extreme heat earlier this summer continued to support prices. Late today, USDA reported the U.S. corn crop condition at 54% “good” or “excellent” as of Sunday, unchanged from a week earlier and above analysts’ expectations for adrop to 53%. The crop was rated 15% mature, slightly behind the five-year average of 18% for that date.
Soybeans: November soybeans fell 21 3/4 cents to $13.98 3/4. December soymeal fell $10.90 to $406.80. December soyoil dropped 297 points at 63.28 cents. Soybeans were pressured by mostly favorable Midwest weather and strength in the U.S. dollar. Further pressure stemmed from Argentina raising the exchange rate for its soybean exports in a bid to increase shipments. USDA said 57% of the U.S. soybean crop was in good-to-excellent condition as of Sunday, unchanged from a week earlier and above expectations for a drop to 56%.
Wheat: December SRW wheat rose 6 cents to $8.17, near the top of today’s range. December HRW wheat rose 4 1/4 cents to $8.82. December spring wheat fell 1/4 cent to $8.89 3/4. Winter wheat ended higher following two-sided trade, as strength in the corn market helped overshadow the U.S. dollar’s jump to a fresh 20-year high and prospects for stronger global production. USDA reported 71% of the spring wheat crop had been harvested as of Sunday, up from 50% a week earlier and four percentage points above expectations.
Cotton: December cotton rose 34 points to 103.55 after dropping to a three-week low earlier in the session. December cotton gapped higher at the start of overnight trading as the market bounced back from sharp declines late last week. Earlier strength in crude oil added support.
Cattle: October live cattle rose 50 cents at $145.05, the highest closing price since Aug. 19. October feeder cattle gained $1.15 at $186.10. Cattle futures rose behind technical followthrough from Friday’s strong close, which offset gains in corn futures and a rally in the U.S. dollar index to another 20-year high. Further price upside may be limited by a recent erosion in cash prices and wholesale beef. Choice beef cutout values rose $1.05 to $260.47 on strong movement of 125 loads.
Hogs: October led hog futures rose $1.075 to $91.10, after falling earlier near a two-month low. Hog futures rose in a corrective rebound following last sharp drop. Today’s buying may have reflected easing concern over the short-term cash outlook, possibly due to lower slaughter last week.