Corn futures closed sharply lower on Monday. The rapidly progressing state of 2013 corn harvest along with fund selling weighed heavily on the market today. Today’s crop progress report is expected to be bearish, showing corn harvest at 20 to 25 percent harvested up significantly from last week. Spillover pressure from the soybean market pressured prices as well. December corn traded 35 cents lower while March traded 33 ½ cents lower.
Soybean futures closed limit down on Monday. Soybean futures as well as soymeal futures closed limit down today. A combination of factors caused the markets to plummet around midday trade. Early harvest of 2013 soybeans, favorable rains in Brazil and long liquidation forced soybean futures lower most of the session. Soybean oil and soybean meal closed sharply lower as well. December soyoil closed down 192 points while December soymeal closed down its daily limit of $20.
Wheat futures closed lower on Monday. Prices closed moderately lower on spillover pressure from significant sell offs across the grain complex and favorable rains in key growing areas of Australia. Prices were also affected by the up and down movement of the dollar index. Traders will continue to keep an eye on Russia wheat exports as Egypt tenders wheat from France. December wheat at CBOT closed 48 ¼ cents lower; KCBT closed 46 ¾ cents lower; and MGE closed 47 1/4 cents lower.
Live cattle futures closed sharply lower on Monday. Spillover pressure from lower outside markets as well as plunging commodity prices weighed heavily on the cattle futures. Market uncertainty also sidelined many traders as they await direction from this week’s cash trade. Boxed beef prices were higher at midday, with choice trading up $1.59 and select up 94 cents. October closed $1.55 cents lower while December closed $1.62 cents lower.
Lean hog futures closed lower on Monday. Nearby contracts traded in a narrow range between $72 and $74 per cwt. A combination of profit taking and moderate losses across commodities in general weigh on the market. Market fundamentals remain poor and sharp losses in the grain complex pulled deferred contracts lower by as much a $1.37 (July 2013). Cash prices were reported as lower today while hog slaughter is estimated to be steady with last week at 436,000 head. October closed 65 cents lower while December closed 55 cents lower.