Corn: Corn futures got off to a strong start for the week, gapping higher and notching an 11-month high on the continuation chart before settling midrange and 4 ¾ to 6 ½ cents higher. Wet weather is getting the market’s attention as rains limited planting progress over the weekend and more wet weather is in store over the next 7 to 10 days.
Soybeans: Soybean futures gained around a dime today and closed near mid-range. Soybean meal futures firmed around $3.00 and soyoil closed up 28 to 30 points. More short-covering was featured in soybeans today, including the big speculative funds that had been record short soybean futures recently. Weather leans a bit bullish for soybeans now, despite notions some intended corn acres will switch to soybeans.
Wheat: Wheat futures finished high-range today with gains of 13 to 14 cents in SRW and HRW contracts and of 15 3/4 cents in HRS contracts. Funds covered short positions in the wheat market to open the week. As of May 14, managed money accounts were short 81,837 SRW futures contracts, 57,198 HRW futures contracts and 12,566 HRS futures contracts.
Cotton: Cotton futures finished high-range with gains of 192 points in the July contract and 127 points in the December contract. Cotton futures caught a bid late and surged into the close following light, two-sided trade early today. The high-range finish sets the cotton market up for followthrough buying Tuesday.
Hogs: June lean hog futures closed down 62 1/2 cents today, while the July contract ended unchanged. Both contracts hit two-week highs early on today and closed near mid-range. Strength was seen in far-deferred lean hog futures. Buying interest in lean hog futures continues to be squelched by ideas U.S./China trade talks could stretch out for a lengthy time. China’s recent cancellation of a previous big U.S. pork purchases added to the bearish tone of nearby futures today.
Cattle: Live cattle futures settled mixed to lower today after seeing similar price action for much of the day session. Feeder cattle futures faced pressure today and settled 32 ½ to 82 ½ cents lower. Cattle futures enjoyed a strong finish on Friday after a wide-ranging day of trade, but traders followed up that price performance this week by booking some profits. Cash cattle prices have dropped sharply in recent weeks, but there are some signs it could be near a seasonal low.