Corn: July corn plunged 14 3/4 cents to $4.54 1/4, the lowest close since Dec. 19. Corn futures extended last week’s price to start the first full week of May, with bears scoring a five-week intraday low.
Soybeans: July soybeans closed 12 1/2 cents lower at $10.45 1/2 and settled nearer session lows. July meal fell $1.4 to $295.5. July bean oil slid 70 points to 48.73 cents. Soybeans fell in tandem with the majority of the grain and oilseed complex as the marketplace continues to be discouraged with the lack of progress on the trade front.
Wheat: July SRW wheat fell 11 3/4 cents to $5.31 1/4 and near the session low. July HRW wheat fell 8 1/2 cents to $5.32 3/4, near the session low. July spring wheat futures fell 1 1/2 cent to $6.09 1/2. Technical selling pressure was featured in the wheat futures markets today as the charts remain firmly bearish.
Cotton: July cotton rose 1 point to 68.42 cents, marking a high-range close. Cotton futures held a narrow range today, limited by resistance at the 100-day moving average, while a weaker U.S. dollar and technical support curbed more meaningful selling interest.
Cattle: June live cattle rose $2.55 to $213.65, nearer the daily high and hit a contract high. August feeder cattle rose $2.00 to $298.90, near the session high and hit a contract high. Nearby May feeder futures hit a record high today of $296.60. The cattle futures bulls continue to be fueled by solid cash and beef markets fundamentals.
Hogs: June lean hog futures closed 35 cents lower at $99.00, nearer session lows. Lean hogs saw action on either side of unchanged today as cash fundamentals continue to give mixed signals to the marketplace.