Corn: May corn fell 6 1/2 cents to $4.35 1/2, closing nearer the session low. Corn futures gave up a portion of Friday’s gains though increasing crude oil strength eased selling a bit, while a surging U.S. dollar cast a shadow over commodities.
Soybeans: May soybeans settled 5 3/4 cents lower to $11.85 3/4, closing nearer session lows. May meal futures dropped $4.30 to $333.40, settling nearer session lows. May bean oil futures rose 29 points to 48.24 cents. Soybean futures showed relative strength overnight but failed to overcome weakness seen in the corn market today.
Wheat: May SRW wheat fell 3 1/4 cents to $5.57, a high-range close, while May HRW fell 9 3/4 cents to $5.75 1/2, closing near mid-range. May HRS fell 10 1/4 cents to $6.34 3/4, nearer session lows. Wheat futures faced pressure to begin the week as the marketplace continues to mull over USDA’s planting and stocks data, while U.S. dollar strength encouraged selling across commodities.
Cotton: May cotton futures rallied 138 points to 92.76 cents, just shy of the session high and above the 10-day moving average. Cotton futures continued higher for the second consecutive session as new crop supplies look to remain tight and weakening prices have encouraged importers.
Cattle: June live cattle futures closed $4.925 lower to $175.325, while nearby April futures dropped $4.925 to $180.075. May feeder cattle futures plunged $6.025 to $242.675. Cattle futures traded on both sides of unchanged before heavy selling emerged this afternoon, sending prices sharply lower into the close.
Hogs: Nearby April futures rose a modest 32.5 cents to $86.95, while the most active June contract surged $2.05 to $103.50, a contract high-close. Thursday’s Hogs & Pigs Report, which leaned bearish against expectations, seemingly had little effect on futures to begin the week as Traders extended last week’s strength to post sharp gains.