Corn: May corn futures fell 1 3/4 cents to $4.38 1/2, near mid-range. The corn futures market today saw modest selling pressure tied to the uncertainty of the new Trump administration tariffs regime and its repercussions on U.S. world trading partners.
Soybeans: May soybeans rose 5 1/2 cents to $11.55 1/4, nearer the session high. May soybean meal rose $1.90 to $314.40, nearer the daily high and closed at a 2.5-month high close. May soybean oil gained 62 points to 60.50, nearer the daily high and hit another contract high. The soybean and bean oil futures market today saw more technical buying from the chart-based speculators, with the meal remaining a slight laggard due to spreaders selling meal and buying bean oil.
Wheat: May SRW fell 1/2 cent to $5.73 1/4, near mid-range. May HRW lost 5 1/4 cents to $5.67, nearer the daily low. May spring wheat fell 1 3/4 cent to $5.95 1/2. The winter wheat futures markets today saw mild profit-taking pressure from recent gains.
Cotton: May cotton rose 42 points to 65.56 cents, nearer the daily low and hit a five-week high early on. The cotton futures market today saw more short covering and perceived bargain hunting as the bulls have started a price uptrend on the daily bar chart, to also inspire some technical buying interest.
Cattle: April live cattle fell 15 cents to $239.10, near mid-range. March feeder cattle rose 80 cents to $365.10, nearer the session high. The live cattle futures market today saw the bulls try to stabilize the market today after Monday’s losses, while the feeder futures market saw a modest corrective bounce.
Hogs: April lean hog futures rose $2.10 to $95.80, nearer the daily high and hit a two-week high. Lean hog futures bulls are right back in business, following the mid-February price downdraft.