Corn: July corn futures rose 1/4 cent to $4.38 1/2, near mid-range after hitting a seven-month low today. The corn futures market continues to see limited buying interest as the U.S. corn crop is off to an overall good start to its growing season.
Soybeans: July soybeans rose 7 1/4 cents to $10.40 3/4, near the session high, while July meal rose 60 points to $294.50. July soyoil rose 53 points to 46.81 cents. Soybeans notched modest corrective strength following a four-day string of selling, though returned U.S. dollar strength and drawn-out trade negotiations continue to crimp hefty buying interest.
Wheat: July SRW futures slid 3 cents to $5.36 and closed near mid-range. July HRW futures fell 3 cents to $5.36 3/4. July spring wheat fell 9 1/4 points to $6.18. Wheat futures struggled to share in the corrective gains posted by corn and soybeans as better than expected condition ratings took hold on the market.
Cotton: July cotton fell 8 to 66.05 cents, but still managed to forge a high-range close. Nearby cotton futures took back a modest portion of Monday’s gains, with a firmer U.S. dollar offsetting crude strength.
Cattle: June live cattle futures fell 57.5 cents to $215.975, while most active August futures sunk $1.25 to $209.75, nearer session lows. June live cattle futures traded to the highest mark since the May 14 contract high before reversing lower and closing near session lows. Traders remain wary of a downturn in the cash cattle market, keeping discounts to the cash market high.
Hogs: August lean hogs rose 55 cents to $106.45, near mid-range and hit a contract high. August lean hog futures were boosted today by chart-based buying from the speculators as technicals are firmly bullish.