Corn: May corn futures fell 3 1/4 cent to $4.40 1/4, near the daily low. The corn futures market saw some short covering and perceived bargain buying early on today but could not hold those gains into the close, as soybeans sold off and wheat came well off its daily highs.
Soybeans: May soybeans fell 13 1/2 cents to $11.62 1/4, near the daily low after hitting a nearly four-week high early on. May soybean meal rose $0.10 to $331.90, near mid-range and hit a five-month high early on. May soybean oil lost 59 points to 66.50 cents, nearer the daily low. The soybean complex futures markets today saw selling pressure after President Trump threatened to slap 50% tariffs on China’s exports to the U.S. after receiving intelligence that China is ready to sell big military hardware to Iran.
Wheat: May SRW rose 11 1/4 cents to $5.82 1/4, near mid-range. May HRW gained 12 1/2 cents to $6.03 1/4, near mid-range. May spring wheat futures rose 13 cents to $6.24 1/2, nearer the daily high. The winter wheat futures markets saw short covering and perceived bargain hunting today after prices hit five-week lows last Friday.
Cotton: May cotton futures rose 131 points to 74.53 cents, near the session high and hit another 12-month high. The cotton futures market saw more technical buying featured today. Some improved risk appetite in the general marketplace also supported buying interest in cotton futures.
Cattle: June live cattle fell $0.675 to $248.525, near mid-range. May feeder cattle gained $0.475 to $372.825, nearer the daily high and hit a 5.5-month high. The cattle futures markets today saw a pause and some mild profit taking after June live cattle hit a contract high last Friday.
Hogs: June lean hog futures fell $0.60 to $103.125, nearer the session low and hit a more-than-three-month low. The lean hog futures market saw more technical selling pressure today amid a downtrend in place on the daily bar chart.