Corn Futures Drop Near Four-Week Low
Corn: December corn fell 10 1/2 cents to $6.66 1/4, the contract’s lowest close since Sept. 2. Corn futures fell for the third time in the past four sessions as a surging U.S. dollar and slumping crude oil weighed on commodity markets. Late today, USDA reported the U.S. corn harvest at 12% complete as of Sunday, up from 5% from a week earlier but slightly under trade expectations for 13%.
Soybeans: November soybeans fell 14 1/2 cents to $14.11 1/4, the contract’s lowest closing price since Sept. 8. December soymeal fell $5.80 to $417.50. December soyoil fell 122 points to 62.46 cents. Soybeans dropped a fourth straight day as crude oil sank to the lowest levels since early January amid growing concerns over the global economy. USDA reported the U.S. soybean harvest at 8% complete as of Sunday, up from 3% a week earlier but behind the 13% average for the past five years. Analysts expected harvest to be 11% complete.
Wheat: December SRW wheat fell 22 1/2 cents to $8.58. December HRW wheat dropped 21 cents to $9.29 1/2. December spring wheat fell 18 cents to $9.31 1/4. Grain futures came under further pressure as recession concerns and currency turmoil sent shudders through global financial markets. The U.S. winter wheat crop was 31% planted at the start of the week, up from 21% a week earlier and slightly ahead of the 30% five-year average, USDA reported. Analysts expected planting to be about 33% complete.
Cattle: December live cattle fell $1.20 to $147.35, the contract’s lowest closing price since July 21. November feeder cattle fell $1.20 to $177.05, the lowest close since June 14. Intensifying concern over a potential global recession weighed on livestock futures, overshadowing recent cash market strength. Choice beef cutout values fell 79 cents to $247.84, an 18-month low. Movement was strong at 110 loads.
Hogs: December lean hogs fell $3.40 at $79.40, the contract’s lowest close since late January. Hogs were pressured by deteriorating cash fundamentals and heightened recession concern. Today’s CME lean hog index fell 42 cents to $97.59, and tomorrow’s reading is expected to drop another 60 cents. Pork cutout values rose 53 cents to $101.46 on strong movement of 348 loads.