Corn: May corn rose 10 1/4 cents to $6.76 1/2, marking the highest close since February 21. Corn futures extended Friday’s gains as tensions continue to grow around the extension of the Black Sea grain deal, exacerbating global supply fears.
Soybeans: May soybeans rallied 16 1/2 cents to $15.17. May soybean meal notched $6.00 gains, closing at $465.70. May soyoil rallied 91 points, settling at 54.57 cents. Soybean futures trended higher throughout the session today, fueled by news of an Argentine grain inspector strike amidst their most recent “soy-dollar” program.
Wheat: May SRW wheat gained 14 cents to $6.96 1/2, near the session high and hit a two-week high. May HRW wheat rose 11 cents at $8.89 3/4, near the session high and closed at a seven-week high close. May spring wheat futures rallied 12 3/4 cents settling at $8.89; the session high. The wheat markets today saw short covering and bargain hunting following some price pressure seen last week.
Cotton: May cotton rose 44-points to 83.30 cents, posting a mid-range close after trading to the highest level since March 7. May cotton managed to push higher despite notable pressure from outside markets as the U.S. dollar extended higher while crude experienced intense selling efforts.
Cattle: June live cattle rose $1.15 to $164.875 and near the session high. Prices last Thursday hit a contract and record high. May feeder cattle surged $2.85 at $210.75, near the session high and hit another contract high. Bullish cash market fundamentals continue to fuel the rally in live and feeder cattle futures markets.
Hogs: The expiring April future fell 62 cents to $71.63 in its final day of trading, while the June future rose $1.30 to $88.175. Lean hog futures bounced on short profit taking in today’s session, continuing Friday’s bounce from Thursday’s contract low.