Corn: July corn futures rose 7 1/4 cents to $7.68, while December corn fell 7 3/4 cents to $6.93 3/4, the new-crop contract’s lowest closing price since June 3. Nearby corn futures rose with support from bull spreading, while new-crop December fell near a three-week low on continued strong crop ratings and an outlook for less-threatening Midwest weather.
Soybeans: November soybeans fell 34 cents to $14.76 1/2, a six-week low. August soymeal fell 60 cents to $415.30. August soyoil fell 279 points at 68.88 cents, a 2 1/2-month low. Forecasts for milder Midwest weather, along with steep declines in crude oil and Malaysian palm oil, weighed on the soy complex.
Wheat: December SRW wheat rose 1/2 cent to $10.04 1/4 and December HRW wheat fell 3 cents to $10.55 1/2, both near three-month lows. December spring wheat fell 13 cents to $11.13 1/4. Wheat futures faded from overnight gains amid commercial pressure from the accelerating winter harvest.
Cattle: August live cattle dropped $1.325 to $134.925, the lowest close since June 14. August feeder futures fell $2.15 to $173.15. Live cattle futures were pressured by weaker cash trading in the southern Plains, where initial prices were reported around $138.00.
Hogs: July lean hogs fell 87.5 cents to $111.85, while August hogs fell $1.475 to $108.325. Hog futures fell for the first session in the past five amid corrective selling following the past week’s rally. Firm cash fundamentals continue to support futures, with the CME lean hog index reaching a 10-month high.