Soybeans Rally to Highest Close in a Week
Corn: December corn futures rose 7 cents to $6.10 3/4. Corn futures posted solid gains on concerns hot, dry conditions across western and southern Midwest this week may harm yield potential with the crop moving into pollination. Northern and eastern areas of the country are expected to get enough rain to somewhat counteract the heat.
Soybeans: November soybeans rose 38 cents to $13.80 1/4, the highest close in a week. August soymeal ended $3.50 higher at $434.50. August soybean oil rose 312 points to 63.20 cents. Soybeans rose sharply amid concern extreme Midwest heat will stress crops, with further support stemming from crude oil futures’ rally above $100.
Wheat: September SRW wheat rose 36 cents to $8.12 3/4 and September HRW wheat rose 36 1/2 cents to $8.74. September spring wheat jumped 32 1/4 cents to $9.39. Winter wheat futures rose on corrective buying after the market hit five-month lows Friday. Today’s weekly USDA crop progress report is expected to show the U.S. winter wheat crop 75% harvested, up from 63% last week.
Cattle: August live cattle rose 70 cents to $135.625. August feeder cattle rose 32.5 cents to $176.675. Live cattle futures ended with modest gains behind support from general commodity market strength and signs that beef demand is holding up better than expected even amid near-record retail prices.
Hogs: August lean hogs rose $2.30 to $112.125, the contract’s highest closing price since April 28. Hog futures rose behind continued improvement in cash market fundamentals. The next CME lean hog index is projected up another 74 cents to $114.89 (as of July 15), near a 13-month high.
