Market Recap: Grain and Oilseed Markets Perform Well in Face of Dollar Gains

Posted on 05/15/2018 2:30 PM

Corn: Corn futures settled on or very near session highs with gains of 4 1/4 to 5 3/4 cents through the March contract. Corn futures turned in an impressive performance today in the face of greater-than-expected crop advancement over the past week and a strong surge in the U.S. dollar.

Soybeans: Soybean futures ended steady to up 2 cents today, and near mid-range. Meal and soyoil futures ended under pressure. Soybean prices moved up from their daily lows around midday when the U.S. dollar index backed down a bit from its strong gains that pushed the index to a five-month high earlier today.

Wheat: While wheat futures faced pressure this morning, the market moved higher by the close. SRW and HRW wheat futures settled steady to 2 1/4 cents higher, while HRS wheat futures finished 4 1/2 cents higher in most contracts. July SRW wheat futures once gain found support on a test of the 40-day moving average, which helped the market to strengthen by the close.

Cotton: Cotton futures edged out slight gains of 6 to 26 points today, with far deferred months leading to the upside. Cotton futures uncovered support on an early move down to the 40-day moving average today, as traders are reluctant to push prices too far to the downside given positive fundamental factors for the market.

Hogs: June lean hogs closed down $1.42 and the deferred contracts were off 92 cents to $1.40. All contracts finished low-range. Lean hog futures faced price pressure on spillover from strong losses in the cattle markets.

Cattle: Live cattle futures settled $1.40 to $1.65 lower through the December contract. Feeder cattle posted losses of $1.85 to $1.95 through the October contract. Cattle futures faced heavy followthrough selling on pressure from lower cash prices and a sharply higher U.S. dollar today.

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