Corn: May corn fell 13 1/4 cents to $6.30 1/4 and closed on the session low, posting the lowest close since August 18, 2022. Though the calendar suggests safrinha corn plantings should soon come to an end, Dr. Michael Cordonnier expects Brazilian growers to continue to plant late due to elevated prices.
Soybeans: May soybean futures dropped 33 3/4 cents at $14.79 and near the session low. Prices hit a four-week low today and closed at a bearish monthly low close. May soybean meal fell $14.70 at $467.10, nearer the session low and hit a three-week low. May bean oil lost 30 points at 60.04 cents and closed near mid-range. The soybean complex was hit hard today by the major losses in the corn futures market and as winter wheat futures continue to slump.
Wheat: May SRW wheat fell 4 1/2 cents to $6.91 1/2, nearer the session low, while May HRW fell 7 1/4 cents to $8.15 3/4. May spring wheat fell 1 1/4 cents to $8.67 1/4. SRW wheat futures may have found a near-term low just above $7.00 after having sold off over $1.00 since mid-February.
Cotton: May cotton futures fell 77 points at 84.03 cents and nearer the session low. The cotton futures market was pressured today by spillover pressure from solid losses in the grain markets so far this week.
Cattle: April live cattle rose 50 cents to $165.475. March feeder cattle rose 62.5 cents to close at $189.80, marking another new near-term high. Bullish fundamentals continue to show in the live cattle market. There was continued strength in boxed beef today with Choice rising $1.41 to $289.75.
Hogs: April lean hogs fell 45 cents to $85.175, a high-range close after trading as low as $84.225. Nearby lean hogs dipped lower for the fifth straight session on corrective selling following last week’s bearish Cold Storage data.