Grains & Livestock Tumble

Corn: July corn futures sank 23 3/4 cents to $7.53 1/2, the contract’s lowest closing price since April 4. December corn futures fell 18 1/2 cents to $7.11 1/2, a three-week low. Corn futures tumbled on spillover pressure from sharp declines in wheat and expectations for further planting progress. 

Soybeans: July soybeans tumbled 49 cents to $16.83 1/4 after posting a contract high overnight. November soybeans fell 34 1/2 cents to $15.09 1/2. July soymeal fell $17.50 to $414.80, while July soyoil dropped 165 points to 77.92 cents, near a seven-week low. The soy complex fell in sympathy with a steep selloff across agricultural markets. 

Wheat: July SRW wheat plunged the 70-cent daily trading limit to $10.87 1/2, the lowest close since May 4. July HRW wheat fell 69 3/4 cents to $11.65 1/2. July spring wheat fell 57 1/4 cents to $12.47 1/2. Winter wheat futures sank following reports Russia may allow grain shipments from Ukraine. 

CattleAugust live cattle fell $2.025 to $130.375 and August feeders fell $1.20 to $165.125. Cattle futures took pressure from a broad sell-off across agricultural commodities, along with concern over beef demand and expectations for continued cash market weakness.

Hogs: July lean hog futures plunged $3.725 to $108.00, while August futures fell $4.025 to $106.425. Hogs fell under heavy profit-taking following last week’s rise to four-week highs.