Corn: May corn fell 4 cents to $4.79 1/4, marking the lowest close since April 8. Corn futures faced selling for the fourth straight session, though technical support and strength in the soy complex curbed those efforts.
Soybeans: July soybeans rose 4 1/4 cents to $10.50 1/4, near mid-range. July soybean meal fell 90 cents to $298.60, nearer the daily low and hit a two-week low. July soybean oil rose 31 points to 48.34 cents, near mid-range. The soybean bulls received mild support today on news President Trump said the current 145% tariffs on China “will come down substantially, but it won’t be zero.”
Wheat: July SRW futures fell 6 3/4 cents to $5.43 1/2 and settled near session lows. July HRW sank 8 cents to $5.50 1/4, near session lows. July spring wheat fell 3 1/4 cents to $6.07. Winter wheat futures continue to undergo selling pressure with HRW matching contract lows today.
Cotton: July cotton rose 181 points to 69.03 cents, nearer the daily and hit a two-month high. The cotton market got a boost today on better risk appetite in the general marketplace following news President Trump said the current 145% tariffs on China “will come down substantially, but it won’t be zero.”
Cattle: June live cattle rose $1.825 to $208.10, a fresh contract high, while May feeders edged $1.425 higher to $288.35, a five-week high close. Cattle futures scored a fresh for-the-move high in early morning trade, ultimately wiping out the early April high to notch a new contract high.
Hogs: June lean hog futures settled 12.5 cents lower at $100.15, near mid-range. Lean hog futures saw action on either side of unchanged today in consolidative trade.