Note: Grain and livestock markets, along with government offices, are closed on Tuesday, July 4, for Independence Day. Grain and livestock markets will resume trading at 8:30 a.m. CT on Wednesday, July 5. Have a safe and happy holiday.
Corn: Corn futures rode the coattails of soybeans to corrective gains for much of the day, but buyer interest dried up late amid residual impacts from last Friday’s planted acreage figure and forecasts calling for more beneficial rains across the Corn Belt the next 10 days. December corn futures settled 1 1/4 cents lower at $4.93 1/2.
Soybeans: Traders continued to factor in USDA’s bullish Acreage Report from last Friday, though futures trimmed gains late and finished near the lower end of today’s range. November soybeans settled 10 1/2 cents higher at $13.53 3/4.
Wheat: SRW wheat futures were lower for much of the day, while HRW and spring wheat contracts failed to maintain earlier gains. September SRW wheat dropped 9 1/4 cents to $6.41 3/4. September HRW wheat fell 3 1/2 cents to $7.96 1/2. September HRS wheat declined 7 3/4 cents to $8.09 1/4.
Cotton: Cotton futures extended the corrective rebound from the second half of last week as contracts moved back into the middle of the extended sideways range. December cotton firmed 104 points to 81.41 cents.
Cattle: Live cattle futures faced light corrective selling to open the week as the market pulled back from last week’s strong gains. August live cattle finished 35 cents lower at $176.825. August feeder cattle ended 32 1/2 cents higher at $247.90, despite corrective buying in the corn market for much of the day.
Hogs: Summer-month lean hog futures posted strong gains on support from firming cash fundamentals and strengthening technicals. July hogs firmed $2.175 to $97.825.