Corn: July corn fell 1 3/4 cent to $4.48, a low-range close, while new-crop posted gains. Corn futures held a rather muted tone going into and after USDA’s Supply and Demand Report released in late-morning trade, as weaker-than-expected corn inspections, coupled with bearish wheat data and a soaring U.S. dollar limited short-covering interest.
Soybeans: July soybeans closed 19 1/2 cents higher at $10.71 1/4 and settled nearer session highs. July meal climbed $4.0 to $298.1, near session highs. July bean oil surged 135 points to 49.92 cents and are breaking out on the daily chart. Soybeans showed impressive strength throughout today’s session, trading in a wide range in volatile trade driven by a few key catalysts, including the temporary reductions in tariffs between the U.S. and China and a friendly USDA report.
Wheat: July SRW wheat fell 6 1/2 cents to $5.15 1/4, near the session low and hit a contract low. July HRW wheat lost 9 1/2 cents to $5.08, nearer the session low and set a contract low. July spring wheat futures slid 9 1/2 cents to $5.84. The wheat futures markets were pressured today by fresh USDA data that was not price-supportive, and by strong gains in the U.S. dollar index. Lower corn price action today also spilled over into selling in the wheat markets.
Cotton: July cotton rose 2 points to 66.63 cents, ending near the session low. A test of the 100-day moving average in overnight trade proved futile as the session progressed, cramped by a rocketing U.S. dollar following progressive trade talks between the U.S./China.
Cattle: June live cattle rose $2.15 to $216.825, near mid-range and hit a contract high and a record high. August feeder cattle rose $6.075 to $306.375, near the daily high and hit a contract/record high. The cattle futures markets got a double-barrel blast of bullish fundamental news to start the trading week.
Hogs: June lean hog futures climbed 72.5 cents to $98.30 though settled near session lows. Lean hog futures posted robust gains in the deferred contracts today, though the nearby contract saw weaker gains as a sagging cash market continues to weigh on prices.