Corn: March corn closed up 6 3/4 cents at $4.88 3/4, ending near the session high after carving a three-week low overnight. After gapping lower in the overnight open as the marketplace reeled from President Trump’s plan of fresh tariffs against Canada, Mexico and China, corrective buying was featured through most of the day session amid news some tariffs would be delayed a month.
Soybeans: March soybean futures surged 16 1/4 cents to $10.58 1/4, over a quarter off overnight lows. March soymeal rose $2.60 to $303.70, nearer session highs. March bean oil rose 40 points to 46.51 cents. After opening lower overnight, soybeans rebounded and saw persistent strength throughout today’s session and closed nearer session highs.
Wheat: March SRW wheat rose 7 1/4 cents to $5.66 3/4, nearer the daily high and hit a nine-week high. March HRW wheat rose 6 1/2 cents to $5.85 3/4, nearer the daily high. March spring wheat futures inched up a penny to $6.16 1/2. The wheat futures markets rallied today after seeing overnight selling pressure on worries that new U.S. trade tariffs against Mexico, Canada and China, set to take effect Tuesday, would find U.S. ag products being targeted with retaliation from those countries.
Cotton: March cotton rose 16 points to 66.04 cents, ending nearer the session high. Cotton futures extended to a fresh low, edging to the lowest level since Oct. 2020.
Cattle: April live cattle fell $2.15 to $200.15, nearer the session low. March feeder cattle fell $5.225 to $270.50, nearer the session low. The cattle futures markets were hit hard today by a “risk-off” trader mentality to start the trading week.
Hogs: April lean hog futures closed limit down today, falling $4.00 to $86.35. Nearby February futures inched 15 cents higher to $84.325. Lean hog futures underwent heavy selling pressure today as woes surrounding eventual tariffs on hog imports weighed heavily on the market today.