Corn: July corn rose 3/4 cent to $4.39 1/2, after carving a fresh for-the-move low early on. A new for-the-move low was forged in early trade, notching levels not seen since the glut of harvest last year.
Soybeans: July soybeans climbed 6 3/4 cents to $10.51 3/4 and closed near mid-range. July meal futures closed steady at $297.10. July bean oil slid 16 points to 46.65 cents. Soybeans saw impressive gains today, supported by positive news that Trump and Xi’s conversation went well today.
Wheat: July SRW wheat rose 2 1/4 cents to $5.45 1/2, near mid-range. July HRW wheat rose 2 cents to $5.42 1/2, near mid-range. July spring wheat futures climbed 1 3/4 cents to $6.25 1/4. The winter wheat futures markets today saw some more tepid short covering, but the bulls are continuing to work on fledgling price uptrends starting to form on the daily bar charts.
Cotton: July cotton rose 37 points to 65.36 cents. Cotton futures saw some profit-taking today, maintaining the recent lows. This morning’s export sales report failed to provide a bullish catalyst.
Cattle: August live cattle rose $4.475 to $216.825, near the daily high and set a contract high. Nearby June live cattle closed up $4.50 at $222.90 and hit a record high of $223.00. August feeder cattle rose $5.275 to $309.15, near the daily high and hit a contract and record high of $309.475. The cattle futures markets soared today as traders worked to narrow the futures’ discounts to the cash cattle market.
Hogs: August lean hog futures fell 45 cents to $107.05 while nearby June futures climbed 87.5 cents to $100.85. Hog futures ended the day mixed, with nearby June futures being supported by continued cash market strength while deferred futures saw profit-taking.