Corn, Soybeans & Wheat Prices Fall
Corn: July corn futures rose 1/2 cent to $7.72 1/4 after dropping near a seven-week low earlier, while December futures fell 2 cents to $7.23 1/4, a two-week low.
Soybeans: July soybeans fell 12 cents to $16.81, the lowest close in a week. July soymeal fell $2.90 to $424.20 per ton. July soyoil fell 120 points to 78.92 cents per pound, the contract’s lowest closing price since April 20.
Wheat: July SRW wheat fell 6 1/2 cents to $11.48 1/4, the contract’s lowest closing price since May 11. July HRW wheat fell 4 1/2 cents to $12.33 1/4. July spring wheat fell rose 3 1/4 cents to $12.80 1/2.
Cattle: June live cattle fell 42.5 cents to $132.30, while August feeders dipped 20 cents to $167.95. The likelihood of a third straight decline in cash prices pressured live cattle futures. Choice beef cutout values fell 35 cents early today to $263.30, which may have also encouraged selling in futures.
Hogs: July lean hogs fell $1.10 to $107.95. Futures ended lower after initial gains were met by profit-taking, spurred in part by early weakness in today’s wholesale pork trade. Pork cutout values fell $1.06 early today to $107.18, led by a drop of nearly $14 in bellies.