7/2/26 Weekly Market Recap

Corn: Corn traded lower earlier in the week with pressure from volume rolling out of the July contracts, but found support after the USDA released the quarterly grain stocks report. September corn settled at $4.22 ½ , with December contracts closing at $4.40 ¾ . The USDA Quarterly Grain Stocks and Acreage report did not have any material changes to acres but did decrease stocks on hand.

Soybeans: Similar pattern to corn with the August contract closing at $11.34 1/2. Soybean meal was lower in spots; bean oil saw notable weakness. The November contract closed at $11.46 ¾ .

Wheat: Chicago September closed at $6.00 1/4 ; KC September Wheat closed at $6.38 1/2. Weather and global supplies influenced trade, with wheat experiencing the largest reductions to the balance sheet after Tuesday’s USDA report.

Cotton: Closed at $77.11. The market saw some recovery, making higher lows for the week, but remained sideways after pressure from dollar strength and oil.

Crude Oil: Closed at $68.50, filling a downside gap that it had from the beginning of the Iran War. 

Live Cattle: August settled at  $239.225. Cash traded $3 lower on the week with boxed beef prices also feeling pressure.

Feeder Cattle: August settled at $360.625. The market felt a week of downside pressure with Tuesday providing end of quarter pressure and light trade in front of a holiday week.

S&P 500:The index closed higher on the week at 7522. It posted modest weekly gains overall, supported by broader equity flows despite mixed economic signals. Quarter-end rebalancing played a role.