Corn: May corn futures fell 4 3/4 cents to $4.51 1/2, near mid-range and hit a 2.5-month low early on. The corn futures market continues to bleed amid worries about a U.S. tariff-led world trade war that could impact $1 trillion worth of global commerce, including U.S. ag exports. China has already signaled it will retaliate to the new U.S. tariffs by focusing on U.S. ag products.
Soybeans: May soybeans slid 12 1/4 points to $9.99, the lowest close since Dec. 24. May meal fell $4.50 to $293.50, while May soyoil fell 65 points to 42.84 cents. Soybeans faced another day of pressure though edged from the intraday low as the session progressed amid light corrective buying following the recent string of risk-off selling.
Wheat: May SRW futures closed 11 cents lower to $5.36 3/4 and closed nearer session lows. May HRW plunged 13 1/2 cents to $5.48 1/2. May spring wheat futures fell 11 1/4 cents to $5.80. Wheat futures continue to face heaving selling pressure, closing lower for the seventh consecutive session.
Cotton: May cotton plummeted 227 points to 63.24 cents, marking a new contract low close. Cotton futures continued to tumble, edging to a fresh for-the-move low as general selling across the marketplace persisted as traders mull escalating trade tensions.
Cattle: April live cattle futures surged $2.40 to $194.65 and closed on session highs. April feeder cattle futures inched 45 cents higher to $272.50. Fats saw extensive selling on this morning’s open and forged a fresh for-the-move low before rebounding and closing solidly higher on the day.
Hogs: April lean hogs fell $1.35 to $82.35, near mid-range and hit a nearly six-month low early on. The lean hog futures market today fell victim to U.S. pork export demand worries as the U.S. ramped up trade tariffs against three of the five major U.S. pork importers: China, Mexico and Canada.