Corn: July corn rose 3 cents to $4.45 1/2, notching a high-range close. Nearby corn futures posted modest short-covering gains in unison with winter wheat, with support from a weaker dollar much of the session.
Soybeans: July soybeans rose 5 1/4 cents to $10.77 3/4, near mid-range and hit a three-month high. July soybean meal fell $1.40 to $291.90, nearer the daily low and hit a five-week low. July soybean oil rose 84 points to 52.32 cents, near the daily high and hit a 1.5-year high. The soybean market bulls continue to show strength, led by solid gains in soybean oil futures.
Wheat: July SRW futures closed 7 1/2 cents higher at $5.24 3/4 and near session highs. July HRW surged 11 1/4 cents to $5.23. July spring wheat saw relative weakness, falling 3 3/4 cents to $5.77. Wheat futures saw strength throughout today’s session after trading lower overnight, posting the second consecutive high-range close for the first time since February.
Cotton: July cotton fell 80 points to 65.48 cents, near the session low and hit a four-week low. The cotton futures market saw technical pressure today as prices the past seven trading sessions in a row have closed low-range.
Cattle: June live cattle fell $2.375 to $213.95, while August feeders tumbled $4.025 to $301.975. Cattle bulls continued to show force, pushing June futures to a fresh all-time high despite persisting overbought conditions, though ended the session in a low-range close.
Hogs: June lean hog futures slid 65 cents to $98.85 and closed nearer session lows. Lean hog futures struggled to build on recent bullish momentum today as the June contract traded within yesterday’s session.