Soybean futures ended 18 to 24 cents lower in old-crop contracts, 15 3/4 cents lower in the tweener September contract and 13 to 14 cents lower in new-crop contracts. Soybean futures opened higher this morning, but quickly turned lower and extended losses through the day. Forecasts call for rains and cooler temps through the middle of the week in Argentina, which will provide relief from recent heat and dryness.

Corn futures opened the day firmer, as expected, but slipped amid profit-taking. Corn closed 8 to 10 cents lower. Corn saw initial spillover from gains in the wheat pit, but as soybeans turned lower, corn followed. Pressure in the corn and soybean pits came
from forecasts for rains in Argentina, as well as moderating temps, which would provide temporary relief.

Wheat futures ended 7 3/4 to 11 1/4 cents higher in Chicago, 9 1/2 to 12 1/4 cents higher in Kansas City and mostly 7 to 8 3/4 cents higher in Minneapolis. Futures ended near session lows (excluding overnight trade). Wheat futures were supported throughout the day by global crop concerns.

Cotton futures favored a weaker tone on the close. March cotton led losses, closing 261 points lower. December futures ended 39 points lower, but have posted back-to-back closes above 100.00 cents. Given a lack of fresh news, traders were focused on options-related selling and profit-taking. Funds, who many expected to be buyers to start the new year, were generally inactive today.

Lean hog futures ended moderately to sharply lower in the February though July contracts. August and December lean hog futures posted slight loses, while the October contract finished modestly higher. The big premium hog futures hold to the cash index and ideas recent gains were overdone triggered an active round of profit-taking in the hog market today.

Live cattle futures were pressured throughout the day by profit-taking and closed mostly 80 cents to $1.37 1/2 lower. Following recent sharp gains in the cash cattle market, traders will be keeping a very close eye on the boxed beef market early this week to gauge packer demand.

Bron: CME