Futures Jump to Highest Levels in Over a Week
Corn: December corn futures rose 6 3/4 cents to $6.14, the contract’s highest closing price since July 29. December corn gapped higher USDA reported lower than expected crop condition ratings. USDA late Monday reported 58% of the corn crop in “good” or “excellent” condition as of Sunday, down from 61% the previous week and lower than analysts’ expectations for a drop to 60%.
Soybeans: November soybeans jumped 28 3/4 cents to $14.28 3/4, the contract’s highest closing price since July 29. September soymeal surged $12.70 to $449.10. September soyoil rose 41 points to 65.76 cents per pound. Soybean futures rose for the first session in the past three and settled near a two-week high behind strength in soymeal and concerns dryness in parts of the Midwest will trim yield potential.
Wheat: September SRW wheat rose 1 3/4 cents to $7.81 1/2. September HRW wheat rose 4 cents to $8.51 3/4. September spring wheat climbed 12 cents to $8.92 3/4. Wheat futures gained support from an unexpected drop in weekly USDA crop ratings. USDA reported 64% of the U.S. spring wheat crop in good-to-excellent” condition as of Sunday, down sharply from 70% a week earlier.
Cattle: October live cattle fell $1.05 to $143.175. September feeder cattle fell $3.15 to $182.50. Live cattle futures fell for the first time in three sessions as corrective selling emerged after the market failed to generate follow-through buying interest from Monday’s rally to three-month highs.
Hogs: August lean hogs rose 40 cents to $122.20, while October fell 65 cents to $99.65. Firm cash fundamentals supported nearby August futures, which posted the highest settlement for a nearby contract since June 2021. The CME lean hog index fell 17 cents from a 14-month high to $121.92 (as of Aug. 5), but is expected to rise 37 cents Wednesday.