Corn: July corn futures rose 1 1/2 cents to $4.52 1/2, near mid-range. The corn futures market saw some more short covering and perceived bargain buying today.
Soybeans: July soybeans fell 4 3/4 cents to $11.72 3/4, near the daily low. July soybean meal fell $1.60 to $327.30, near the daily low and hit a five-month high early on. July soybean oil lost 14 points to 66.22 cents, nearer the daily high and hit a three-week low today. The soybean complex futures markets today saw follow-through selling pressure after President Trump threatened to slap 50% tariffs on China’s exports to the U.S. after receiving intelligence that China is ready to sell military hardware to Iran.
Wheat: July SRW rose 10 cents to $6.01 1/4, nearer the daily high. July HRW gained 19 3/4 cents to $6.36 1/4, nearer the daily high. September spring wheat futures rose 12 3/4 cents to $6.68 1/4. The winter wheat futures markets saw more short covering and perceived bargain hunting today, with HRW leading the way on dry conditions in much of U.S. HRW country.
Cotton: July cotton futures fell 11 points to 76.52 cents, near mid-range and hit a nearly two-year high. The cotton futures market saw more technical buying featured early on today, and then some mild profit-taking pressure.
Cattle: June live cattle rose $2.90 to $251.425, nearer the session high and hit a contract and record high. May feeder cattle gained $2.025 to $374.85, near mid-range and hit a contract high. The cattle futures markets bulls are keeping the foot on the gas amid technical buying interest and solid cash cattle and beef market fundamentals.
Hogs: June lean hog futures fell $0.675 to $102.45, nearer the session low and hit a more-than-three-month low. The lean hog futures market saw mild technical selling pressure amid a price downtrend in place on the daily bar chart.