Market Recap: Disappointing Finish for Corn, Beans and Wheat

Posted on 05/17/2018 2:50 PM

Corn: Corn futures ended low-range and down 3 1/2 to 4 cents today. Prices ended at three-week low closes. Good corn planting progress this week weighed on futures prices today.

Soybeans: Soybean futures enjoyed gains overnight and early this morning, but buying interest faded as the day progressed and the market finished low-range with losses of 4 1/2 to 4 3/4 cents for the day. More talk about a possible deal where China works to reduce the U.S. trade deficit by buying U.S. soybeans and a daily soybean sale announcement from USDA gave the market a lift overnight and this morning.

Wheat: Wheat futures enjoyed some corrective buying today, but the three markets pared gains ahead of the close. HRW wheat finished around a nickel higher, SRW wheat futures posted gains around 3 cents, and HRS wheat futures settled 1/2 to 3 1/2 cents lower. Much of today’s gains were corrective in nature.

Cotton: Cotton futures ended mid-range and up 63 to 87 points through the March contract. Export demand remains supportive for cotton futures. Weekly cotton export sales data showed current marketing-year net sales of 153,300 running bales (RB), which was down 21% from the previous week and down 38% from the four-week average.

Hogs: Lean hog futures favored the upside at times today, but in the end the market settled narrowly mixed, with the June contract 57 1/2 cents higher and July and August futures down 22 1/2 to 52 1/2 cents. Traders were a bit disappointed by “just” a 13-cent rise in average cash hog bids on Wednesday following a $1.50-plus surge the day prior, which resulted in a bit of profit-taking at times today.

Cattle: June live cattle closed up $1.225 after hitting a five-week low in early trading. August live cattle were up 5 cents and December was up 57 1/2 cents. Feeder futures finished up $2.00 in the August and up $1.70 in the September contract. All contracts finished high-range. Short covering in the cattle futures markets was featured today, following recent losses.

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