Corn: July corn rose 6 1/4 cents to $4.50, forging a high-range close. After two days of selling pressure, corn futures faced corrective buying, while slipping condition ratings and support from soybeans lent price support.
Soybeans: July soybeans rose 16 1/4 cents to $11.74, near the session high after hitting a seven-week-low early on. July soybean meal gained $4.30 at $364.60 and near mid-range. July soybean oil closed up 57 points at 44.30 cents, nearer the session high and hit a two-week high. The soy complex futures today saw short covering featured, initially led by soybean oil, amid a rally in the Nymex crude oil market to a six-week high.
Wheat: July SRW wheat fell 9 1/2 cents to $5.82, while July HRW futures fell 4 3/4 cents to $6.00 3/4. Both forged two-month-low closes. July HRS futures fell 5 3/4 cents to $6.32 3/4. Wheat futures faced followthrough selling as hedge pressure amid a rapidly advancing winter wheat harvest combined with improving spring wheat conditions.
Cotton: July cotton closed up 109 points at 71.03 cents and nearer the session high. The cotton futures market today saw short covering and possibly some perceived bargain hunting after recent strong losses that pushed prices to a 3.5-year low on Monday.
Cattle: Bearish short-term expectations seemed to depress the cattle markets Tuesday, with the expiring June live cattle contract dipping 37.5 cents to $186.675 and most-active August falling 70 cents to $182.10. August feeder futures tumbled $1.375 to $259.95. As noted Monday, the cash price of fed cattle set a fresh all-time high again last week, with the five-area average reaching $192.55 and the Nebraska market soaring to $195.90.
Hogs: August lean hog futures sank 30 cents to $91.575 while nearby July futures closed $1.60 lower to $93.775. Lean hog futures traded with a mixed tone today, with nearby futures seeing weakness and deferred contracts posting moderate strength.