Corn: July corn futures rallied 3 1/2 cents to close at $6.43 3/4, while December futures closed unchanged at $5.97 1/2. Corn futures gave up overnight gains and closed mixed in a volatile session.
Soybeans: July soybeans rose 10 3/4 cents to $14.77 1/4, the highest close since April 19, while November futures rose a 1/2 cent to $13.42 3/4. July meal fell $3.60 to $412.80, while July soyoil closed at 59.63 cents, a modest 6-point loss. Traders spent the session evaluating forecasts as longer term forecasts show prospects for increased moisture throughout areas of the Midwest.
Wheat: July SRW futures rose 7 3/4 cents to $6.95 ¾, ending near the session high. July HRW futures fell 6 cents to $8.36, marking a mid-range close, while July spring wheat fell 4 1/2 cents to $8.49. Wheat futures ended the session mixed as winter wheat harvest accelerates and continues to pressure markets.
Cotton: December cotton rose 60 points to 80.70 cents, after trading as high as 81.20 cents. December cotton inched higher as hot, dry weather in West Texas largely negated outside market pressure.
Cattle: Expiring June live cattle futures slid $1.225 to $177.125 at Tuesday’s close, while most-active August futures dropped $2.025 to $169.70. August feeder futures dove $2.775 to $232.15. Cash and wholesale conditions seem to favor continued weakness across the cattle and beef complex.
Hogs: Nearby July lean hog futures surged $3.00 to $95.85 Tuesday, while most-active August gained $2.525 to $93.20. Traders are anticipating sustained seasonal strength over the short run. For example, the CME lean hog index is continuing to rise, but today’s futures gains increased their premiums to the cash equivalent prices.