Corn: May corn futures rose 4 1/2 cents to $4.61 3/4, nearer the session high. Corn futures have scored impressive short-covering price gains following Monday’s mid-morning USDA planting intentions report that leaned bearish.
Soybeans: May soybeans rose 19 1/2 cents to $10.34 1/4, posting the highest close since Feb. 27, while May meal fell 40 cents to $202.30. May soyoil surged 255 points to 47.44 cents, marking the highest close since Feb. 18. Rallying soyoil spurred short-covering in soybeans amid news that an enhanced biofuels blending mandate may be around the corner.
Wheat: May SRW futures rallied 3 1/2 cents to $5.40 1/2 and closed nearer session highs. May HRW futures surged 8 1/4 cents to $5.65 1/4. May spring wheat futures rose 2 cents to $5.94. Wheat futures posted gains again today, building on yesterday’s strength.
Cotton: May cotton rallied 142 points to 68.25 cents, marking a six-week high close. Cotton futures scored short-covering gains, ultimately edging to the highest intraday level since Feb. 24.
Cattle: Surging beef prices spurred fresh gains in cattle and feeder futures Tuesday. Expiring April live cattle climbed $1.325 to $209.125, while most-active June futures surged $1.775 to $205.425. Nearby April feeder futures advanced $1.825 to $288.275 and most-active May jumped $2.65 to $287.15. The cyclically tight cattle and feeder situation, along with restrictions on imports of Mexican cattle due to the screw worm threat, continue supporting prices at or near record levels.
Hogs: June lean hogs rose $1.75 to $97.025, nearer the daily high. The lean hog futures market today saw short covering after prices Monday hit a nearly four-week low.