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Grains

July corn futures held support nearly perfectly yesterday which led to some strength in the overnight and early morning trade.  However, the market was not able to defend that strength after the 8:30 open.  Futures softened up and took out yesterday’s lows by ¼ of a cent.  For the day, July was down 6 ¾ cents, settling at 601.  The new crop December contract finished the day 4 ¾ cents lower to 543 ½.

July soybeans were weaker on the day but were able to defend yesterday’s low.  The July contract finished the day 2 ¾ cents lower, settling at 1414 ¾.  The new crop November contract settled the day in positive territory, up ¾ of a cent to 1266 ¾.

July Chicago wheat was the weak link (again).  July finished 11 cents lower to 642, a half cent below yesterday’s low.  July KC wheat was 19 ¾ cents lower, settling at 783 ¼.  July spring wheat finished 23 ½ lower to 813.

Livestock

It feels weird to write this, but lean hogs were the big winner in today’s agricultural trade.  June futures finished the session 3.225 higher to settle at 90.275.  With the most recent Commitment of Traders report showing Funds holding their largest net short position in over 5 years, there is risk of a bigger short covering rally.  We’ve been favoring the December contract in our daily reports as it aligns with a Bullish seasonal trend, but if the cash market can show signs of bottoming and firming, front month futures could really start to boogie.

June live cattle traded on both sides unchanged in today’s trade, but were able to end in positive territory, finishing the day .55 higher at 164.575.

August feeder cattle were under pressure early on but came screaming back, making new highs and new closing highs.  For the day, August was 1.45 higher, settling at 230.95.

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