Corn: July corn rose 4 cents to $4.47 1/2, marking a high-range close. Corn futures covered shorts to start the week, after fund managers increased their net short position through May 13 to 85,000 contracts, the most bearish stance since last October.
Soybeans: July soybeans closed 1 1/2 cents higher at $10.47 3/4 and near mid-range. July meal fell 80 cents to $291.1. July bean oil climbed 51 points to 49.44 cents and closed nearer session highs. Soybeans struggled to reciprocate strength in the grain markets today and continue to languish near last week’s lows.
Wheat: July SRW wheat rose 4 cents to $5.29, near mid-range. July HRW wheat gained 6 1/4 cents to $5.23 4/4, near mid-range. July spring wheat futures saw relative strength, surging 12 1/4 cents to $5.85 1/2. The wheat futures markets saw some tepid short covering today and were also supported by firmer corn and soybean futures prices.
Cotton: July cotton rose 75 points to 65.64 cents, a near mid-range close. Cotton futures notched corrective gains following recent losses. A weaker U.S. dollar played a role in today’s upside price action, along with persisting rains in the Delta.
Cattle: June live cattle rose 75 cents to $212.975, near mid-range. August feeder cattle fell 12 1/2 cents to $297.475 and near mid-range. The live and feeder cattle markets are pausing to start the trading week, with some corrective buying seen in the live cattle futures market. More of a risk-off trading day in the marketplace today also limited buying interest in cattle futures.
Hogs: June lean hogs closed $1.075 lower to $99.25 and nearer session lows.Lean hog futures underwent selling pressure today as prices appear to be entering a sideways trading range.