Corn: May corn fell 3 1/2 cents to $4.26 3/4 and marked the lowest close since April 2. Corn futures continued to face pressure, extending losses for the fourth straight session, as spillover weakness stemmed from the soy complex.
Soybeans: May soybean futures fell 15 1/4 cents to $11.34 1/4, a contract-low close. May meal futures sunk 70 cents to $338.0, near the mid-point of today’s session. May bean oil futures plunged 88 points to 44.12 cents. The soybean complex continues to fall under heavy selling pressure despite improving export sales, as soybeans negated all of Wednesday’s rally and sunk to the lowest mark since February.
Wheat: May SRW wheat fell 1/4 cent to $5.36 3/4 and nearer the session low. Prices hit a four-week low today. May HRW wheat gained 4 1/2 cents to $5.77 1/4 and near mid-range. May spring wheat futures rallied 5 1/2 cents to $6.38 3/4. The winter wheat futures markets saw some tepid short covering today, but gains were limited by weaker corn and soybean futures prices.
Cotton: May cotton futures plunged 146 points to 78.10 cents and settled nearer session lows. Most active July futures fell 72 cents to 80.61 cents. Cotton futures continue to face stiff selling pressure, closing at the lowest mark since November on the continuation chart.
Cattle: June live cattle rose 5 cents to $175.375 and near mid-range. Prices hit a two-week high early on. May feeder cattle gained $2.275 at $242.55, nearer the session high and hit a two-week high. The live cattle futures bulls late this week continue to work on stabilizing prices after the recent steep sell-off.
Hogs: Hog futures proved generally weak Thursday, with most-active June futures slipping 2.5 cents to $102.70. Seasonal strength showed up in the hog and pork complex again Thursday.