Stock Market Rattles Commodity Sector
Corn: July corn futures fell 4 cents to $7.69 1/4 and December corn fell 1 cent to $7.21 1/2. Corn took heavy spillover from the soy complex and a tumbling stock market, but extreme heat expected across the Midwest this week likely limited selling interest. USDA later today is expected to report the U.S. corn crop at 73% in either “good” or “excellent” condition as of Sunday, unchanged from a week earlier, based on a Reuters survey of analysts.
Soybeans: July soybeans fell 38 cents to $17.07 1/2, while November futures tumbled 34 1/2 cents $15.33 3/4. July soymeal fell $14 to $415.10 per ton and July soyoil fell 130 points to 79.51 cents per pound, near a two-week low. The soy complex joined a broad commodity selloff fueled by sharp declines in U.S. equities. USDA, in its initial soybean ratings of the season, is expected to report the crop at a strong 70% in good-to-excellent condition.
Wheat: July SRW wheat rose 1/4 cent to $10.71. July HRW wheat fell 3/4 cent to $11.61 3/4. July spring wheat rose 1/4 cent to $12.21 3/4. Wheat futures were pressured by broad-based selling across commodities today but held up relatively well. USDA is expected to report spring wheat planting at 90% complete as of Sunday, compared to 82% last week.
Cattle: August live cattle fell $2.325 to $133.875. August feeders dropped $3.15 to $171.325. Weak outside markets weighed heavily on cattle futures, which, along with a weak start for wholesale beef trade this morning, likely points to lower cash cattle prices for the week.
Hogs: July lean hogs rose $1.20 to $106.675. Hog futures shrugged off weakness in cattle and grain markets, supported by cash market strength and signs of solid demand. Today’s CME lean hog index fell 12 cents to $107.19 but is projected to rise 21 cents tomorrow to $107.40 (as of June 10).