Corn: May corn futures fell 6 3/4 cents to $4.83 1/4, near the session low. The corn futures market today saw some profit-taking pressure from recent gains.
Soybeans: July soybeans rose 5 1/2 cents to $10.35 but closed nearer the session low. July meal fell 80 cents to $299.50, marking a two-week low close. July soyoil fell 28 points to 48.03 cents. Soybeans gathered strength as the session progressed, though technical resistance at the 200-day moving average continued to curb heftier gains.
Wheat: July SRW futures fell 2 cents to $5.50 1/4 and closed near mid-range. July HRW futures sunk 5 1/2 cents to $5.58 1/4, near session lows. July spring wheat closed 4 1/2 cents lower at $5.95 1/2. Wheat futures saw followthrough selling today but ended the day well off intraday lows as prices continue to fall despite deteriorating crop conditions.
Cotton: July cotton rose 40 points to 67.22 cents, the highest close since April 9. Cotton futures resumed recent strength, edging back above the 20- and 40-day moving averages, with corrective gains in equities allowing the natural fiber to reclaim Monday’s losses.
Cattle: June live cattle futures surged $2.525 to $206.275 and closed near session highs. August feeder cattle climbed $2.10 to $291.25, nearer session highs. Cattle futures posted strong gains today amid an overall risk-on tone in the marketplace.
Hogs: June lean hogs rose $2.225 to $100.275, nearer the daily high and hit a seven-week high. The lean hog futures market saw a solid rally today amid improving cash hog and pork market fundamentals.