Corn: Corn futures settled 3 1/4 to 4 1/4 cents higher through the September 2018 contract, which was midrange for the day. Corn futures were supported by late-season weather concerns, export demand news and spillover from the soybean market. Weather concerns are driven by the cool, dry conditions that are expected to continue across much of the Corn Belt.
Soybeans: Soybean futures gapped higher on the open and didn’t look back. The market settled high-range with gains of of roughly 18 to 19 cents. Weather concerns along with recognition that price levels are encouraging strong value buying pushed the bean market higher today. The weather has been cool and dry across major producing states of late, whereas the crop could use a shot of rain and heat to finish strong.
Wheat: Winter wheat futures enjoyed gains today and the market ended anywhere from 1 1/2 to 10 cents higher, with most contracts notching gains in the upper half of that range. Spring wheat futures, on the other hand, settled 2 1/4 to 4 cents lower. Winter wheat futures benefited from some weather concerns today, with traders noting heat across the Southern Plains is drying out soils.
Cotton: Cotton futures finished sharply higher, with the December contract ending up the 300 point daily limit. Cotton futures were supported by weather concerns. Hurricane Harvey already damaged a portion of the U.S. crop in Texas and now it appears Hurricane Irma will be a threat to the Southeast cotton crop this week.
Cattle: Live cattle futures finished mixed today. The October and December contracts closed 72 1/2 and 10 cents lower, respectively, while far-deferred contracts favored a mildly firmer tone. Trade was two-sided in the cattle market coming off the holiday weekend. While there was light corrective buying at times, traders are still waiting on signs of a low in the boxed beef and cash cattle markets.
Hogs: Lean hog futures surged to start the week and the market ended 85 cents to $2.30 higher, with nearby contracts leading gains. This was high-range but off session highs. Fundamental analysis: Lean hog futures benefitted from efforts to narrow the discount nearby contracts hold to the cash hog index today. As of today’s close, the October contract is still nearly $9 below the cash index.
