Nearby Corn Posts Gain

Corn: July corn rose 15 1/2 cents to $7.42 1/2, while December rose 12 1/2 cents to $7.02 1/2. Nearby corn posted its first gain in five sessions as a wheat rally sparked corrective buying. USDA’s weekly crop progress report later today is expected to show the corn crop 93% planted as of Sunday, based on a Reuters survey. As of May 29, the crop was 86% planted. Also today, USDA will issue its first corn condition rating for 2022. The crop is expected to be rated 68% “good-to-excellent.”

Soybeans: July soybeans rose 1 1/2 cents to $16.99 1/4. July soymeal fell 80 cents to $407.10 per ton. July soyoil fell 66 points to 81.19 cents per pound. The soy complex gained initial support from strength in wheat and crude oil markets but faded to end mixed. USDA is expected to show U.S. soybean planting at 81% complete as of Sunday, compared to 66% last week and 90% a year ago.

Wheat: July SRW wheat rose 53 cents to $10.93 and July HRW wheat rose 49 cents to $11.70, both near session highs. July spring wheat rose 38 3/4 cents $12.30 1/2. Wheat futures extended an overnight rally sparked by doubts over a potential agreement to resume Ukrainian wheat shipments, with delayed planting in the U.S. Northern Plains also lending support.

Cattle: August live cattle fell 95 cents to $132.90. August feeder cattle sank $1.90 to $171.975. Live cattle took spillover pressure from weakness in the feeder market and expectations for further cash market weakness. Live steers last week averaged $138.07, down $1.00 from the previous week and the fourth straight weekly decline.

Hogs: July lean hogs fell $1.775 to $108.975, the lowest closing price since May 31. Hog futures fell a third straight session as the market extended a corrective, profit-taking setback following a three-week rally. Continued strength in cash fundamentals may limit futures declines. The CME lean hog index rose $1.02 to $106.05 (as of June 2), the 11th gain in the past twelve days.