Corn: July corn fell 2 1/4cents to $4.83 1/4, nearer the session high after carving a two-and-a-half week low in early trade. Corn futures touched a two-and-a-half week low in early trade, in a test of support at the 20- and 100-day moving averages, as plunging wheat futures provided some spillover pressure.
Soybeans: July soybean futures climbed 3 1/4 cents to $10.62 1/2 and closed near session highs. July meal futures slid $2.60 to $295.90 and closed nearer session lows. July bean oil surged 65 points to 50.46 cents, near session highs. Soybean futures traded solidly lower overnight before rebounding today, clawing back losses most of today’s session and closing near unchanged.
Wheat: July SRW wheat fell 14 cents to $5.31, near the session low and hit a contract low. July HRW wheat sunk 11 1/4 cents to $5.39 3/4, nearer the session low and hit a contract low. July spring wheat futures slid 9 1/2 cents to $5.96 3/4. The wheat futures markets were under solid selling pressure today as beneficial moisture has been occurring in U.S. winter wheat country recently.
Cotton: July cotton fell 125 points to 67.55 cents, closing near the session low. Cotton futures faced pressure to begin the trading week, though support at the 10-day moving average, combined with a weaker U.S. dollar, limited a heftier downside move.
Cattle: June live cattle rose $1.35 to $209.60, near the daily high and hit a contract high. May feeder cattle rose $1.275 to $291.80, near mid-range and hit a contract high early on. The cattle futures markets saw prices push to new for-the-move highs on strong cash and beef market fundamentals.
Hogs: June lean hog futures fell 15 cents to $101.00 and settled near mid-range. Lean hog futures paused from the recent rally today as woes regarding China trade are challenging the recent cash-fundamental-driven uptrend.