Corn: July corn futures rose 5 1/4 cents to $4.38 3/4, near the session high after hitting an eight-month low early today. The corn futures market saw decent short covering and perceived bargain buying today, following recent selling pressure.
Soybeans: July soybeans rose 1 3/4 cents to $10.57 3/4, nearer the session low, while July meal rose 40 cents to $295.90 to forge a high-range close. July soyoil rose 41 points to 47.79 cents. Soybeans resumed the recent price strength, though technical resistance, improving U.S. crop conditions and some apprehension around trade talks with China crimped upside efforts.
Wheat: July SRW futures closed 7 1/2 cents lower at $5.34 1/2. July HRW futures sunk 10 1/4 cents to $5.27 1/4, near session lows. July spring wheat futures fell 9 1/4 cents to $6.13 1/4. Wheat futures posted a technical breakdown today as the uptrend from the mid-May low stalled out.
Cotton: July cotton fell 57 points to 65.42 cents, closing below the 20- and 10-day moving averages. Cotton futures retreated following three consecutive days of modest gains as U.S. dollar strength crimped support from firmer equities.
Cattle: August live cattle futures closed $1.05 lower to $218.20 though settled nearer today’s highs. August feeders climbed $1.50 to $313.15, nearer session highs. Cattle futures saw choppy trade today as heavily overbought conditions combat persistent, robust strength in the cash cattle market.
Hogs: August lean hogs fell 30 cents to $109.80, near mid-range after hitting a contract high Monday. The lean hog futures market saw mild profit-taking pressure from the speculators today, following Monday’s contract high.