Corn: July corn fell 3/4 cent to $4.49 1/4, nearer the session high. Corn futures spent the session tracking SRW wheat lower, though selling interest remained limited amid a meal led rally in soybeans.
Soybeans: July bean futures rose 4 3/4 cents before closing at $11.82. July meal futures surged $9.60 to $354.3, closing nearer session highs. July bean oil futures slipped 117 points to 44.37 cents and settled near session lows. Soybeans led strength in the grain and soy markets today as reports of a strike at one of Argentina’s largest agro-export ports, the Argentine Oilseed Crushers Union (SOEA) announced it would begin an indefinite strike today to protest the government’s proposed tax and labor reforms.
Wheat: July SRW wheat fell 13 3/4 cents to $6.08 1/2 and nearer the session low. Prices hit a 3.5-month high on Friday. July HRW wheat closed down 3 3/4 cents at $6.50 1/2, nearer the session low and hit a four-month high early on. July spring wheat futures firmed 4 1/4 cents to $7.07 3/4. The winter wheat futures markets today saw routine profit taking and arguably healthy downside price corrections after recent solid gains.
Cotton: July cotton rose 62 cents to 81.52 cents, ending the session above the 10-day moving average for the first time since April 1. Cotton futures rose modestly in consolidative trade but were able to test the 10-day moving average for the first time since early April.
Cattle: June live cattle fell $1.425 to $177.15 and near the session low. May feeder cattle lost 67 1/2 cents at $248.025, nearer the session low after hitting a four-week high early on. The cattle futures markets today saw some routine profit-taking pressure from the shorter-term traders, as well as some normal chart consolidation after recent gains.
Hogs: June lean hog futures closed steady on the session at $102.475, while nearby May futures slipped 25 cents to $94.025. Lean hog futures faced follow-through selling from last week’s weakness this morning, though dip buyers stepped into the market and closed prices nearer session highs after this morning’s midsession report for pork cutout.