Corn: May corn futures rose 7 1/4 cents to $7.83 1/2, the highest closing price for a nearby contract since September 2012. December corn rose 4 3/4 cents to $7.35 3/4 after reaching $7.37 1/2, a contract high for the fourth consecutive day. Corn prices climbed behind a rally in crude oil and weakness in the U.S. dollar. Other supportive factors included the Biden administration opening more availability of E15 gasoline this summer.
Soybeans: May soybeans rose 5 3/4 cents to $16.76, while November soybeans fell 1 1/4 cent to $15.05 3/4. May soymeal fell $2.70 to $458.20, while May soyoil rose 268 points to 78.11 cents per pound. Soybeans rebounded from early declines with support from corn and wheat markets, while nearby soyoil surged behind strength in crude oil and palm oil and general concern over tight global vegetable oil supplies as the Russia/Ukraine war drags on.
Wheat: July SRW wheat rose 8 3/4 cents to $11.21 1/4, the contract’s highest close since $11.27 1/2 on March 15. July HRW rose 11 1/4 cents to $11.78, the highest close since March 8. July spring wheat rose 3 cents to $11.59. Winter wheat futures rose for the fourth consecutive day amid ongoing concerns over supply disruptions from the Russia/Ukraine war and drought-stressed crops in the U.S. Plains.
Cotton: May cotton rallied 426 points to 142.77 cents per pound, the highest close for nearby futures in nearly 11 years. Gains in cotton were fueled by strength in outside markets, such as crude oil and U.S. stocks, while the U.S. dollar fell sharply. USDA’s weekly export sales data tomorrow will be one key to price direction.
Cattle: June live cattle rose 57.5 cents to $136.875, the highest closing price since March 31. May feeder cattle rose $1.025 to $161.95. Firmer cash cattle prices and recent gains in wholesale beef prices supported cattle futures. USDA-reported live steers averaged $140.69 for the week through this morning, up from last week’s average of $138.82. Choice grade cutout values fell $1.11 to $272.36 but are still near an eight-week high. Movement was strong at 149 loads.
Hogs: April lean hogs edged up 27.5 cents to $99.90, while June futures fell 87.5 cents to $117.60. Persistent cash market weakness weighed on hog futures. Today’s CME index quote dipped 53 cents to $99.10, and the preliminary figure for tomorrow slipped 11 cents to $98.99, near a seven-week low. A pick-up in hog slaughter and a recent resurgence in wholesale pork may encourage futures buyers, as pork cutout values rose $1.73 today to $108.53, near a three-week high. Movement totaled 256.44 loads.