Corn: July corn fell 3 cents to $4.64 1/4, ending the session back below the 40-day moving average. Nearby corn futures continued to face technical headwinds, hovering just below the 100-, 10- and 20-day moving averages, as additional pressure stemmed from a firmer U.S. dollar.
Soybeans: July soybeans climbed 5 3/4 cents to $10.50 1/4 and closed nearer session highs. July meal sank $3.7 to $294.3, near session lows. July bean oil climbed 73 points to 49.70 cents. Soybean futures saw modest strength today, negating most of yesterday’s loss.
Wheat: July SRW wheat rose 1/4 cent to $5.31, though ended the day nearer the daily low. July HRW wheat fell 2 cents to $5.27 1/2, nearer the session low and hit a contract low. July spring wheat futures sunk 1 1/2 cents to $5.95 1/2. The winter wheat futures markets today saw some tepid short covering mostly offset by more chart-based selling pressure as the technical postures remain bearish for SRW and HRW.
Cotton: July cotton futures sunk 36 points before settling at 65.66 cents. Cotton futures fell for the fifth consecutive session today as little optimism remains around the market.
Cattle: June live cattle rose $1.25 to $209.65, nearer the session high. August feeder cattle fell 57 1/2 cents to $294.45, nearer the session low. The live cattle futures market saw strength today on still-solid cash market fundamentals, while feeder cattle futures saw some mild profit-taking pressure as both markets are not far below their contract/record highs.
Hogs: June lean hogs fell a dime to $98.175 and closed near mid-range. Lean hog futures ended the day mixed as the market is caught between technical support and waning cash fundamentals.