Soybeans Down Sharply; Corn, Wheat Also Lower
Corn: December corn fell 14 cents to $6.28 1/4. Corn fell for the first session in the past five on an outlook for mostly favorable weather in the Midwest and easing supply concerns as grain shipments continued to move out of Ukraine’s Black Sea ports. USDA’s weekly crop ratings later today are expected to show 56% of corn acres rated “good” or “excellent,” down from 58% a week ago.
Soybeans: November soybeans fell 42 cents to $14.12 1/4, the contract’s lowest closing price since Aug. 8 but up over 26 cents off the session low. September soymeal fell $12.50 to $452.20. September soyoil fell 59 points to 68.94 cents. Soybeans on an outlook for favorable crop conditions in the Midwest and concern over weaker economic data from China. USDA is expected to report 58% of the soybean crop in good-to-excellent condition, down from 59% a week ago.
Wheat: September SRW wheat fell 5 1/4 cents to $8.00 3/4. September HRW wheat fell 6 1/2 cents to $8.82 3/4. September spring wheat fell 8 3/4 cents to $9.10 3/4. Weakness in corn and soybean futures spilled over into the wheat, with additional bearish influences from outside markets, as crude oil prices tumbled and the U.S. dollar strengthening.
Cattle: October live cattle fell 70 cents to $143.80, the lowest closing price since Aug. 9, while September feeder cattle fell 37.5 cents to $183.00. Live cattle futures fell a second straight session in a corrective pullback from last week’s gains. Declines were limited by expectations cash cattle prices will be firmer again this week, though that market may not establish until the middle of the week.
Hogs: October lean hogs rose 55 cents to $100.575, near the session high. Futures were supported by firm cash fundamentals. The CME lean hog index rose 7 cents to $121.93 (as of Aug. 11), near a 14-month high posted last week. Tomorrow’s index is expected to drop 22 cents.