Corn: July corn rallied 12 3/4 cents to $4.52, ending near the session high and above the 10- and 100-day moving averages. Corn futures moved higher on corrective strength, largely spurred by a notable rally across the soy complex.
Soybeans: July soybeans surged 22 3/4 cents to $12.00 and settled nearer session highs. July meal futures closed $3.30 higher to $362.80 and settled near the midpoint of today’s range. July bean oil futures jumped 122 points to 44.35 cents and closed nearer session highs. The soybean complex surged higher today on corrective buying efforts, marking the first close higher in July soybeans in eight trading days.
Wheat: July SRW wheat fell 7 1/2 cents to $6.39 1/2, a near one-month low close, while July HRW wheat rose 1 3/4 cents to $6.78. July HRS fell 5 3/4 cents to $7.06 3/4. SRW wheat futures extended recent losses for the seventh straight session despite modest corrective buying in HRW futures and rallies in both corn and soybeans.
Cotton: July cotton futures rose 100 points to 75.44 cents and settled nearer session highs. Cotton futures saw modest corrective buying efforts for the third consecutive session, though prices continue to trade in Monday’s range.
Cattle: Expiring June cattle rose a nickel to $181.825, while the higher-volume August contract slipped 40 cents to $177.475 cents. August feeder cattle futures plunged $1.975 to $252.85. Live cattle futures extended recent losses, though they were able to end the session well off the session low amid a rebound in wholesale values combined with notable technical support.
Hogs: Hog futures proved mixed Thursday, with the nearby contracts edging up and deferred futures sliding. Expiring June hogs rose 5 cents to $92.15, while most-active July climbed 77.5 cents to $92.975. Flat readings on both the cash hog and pork markets seemed to rob hog futures of direction Thursday.