Corn: May corn fell 3 3/4 cents to $6.13 1/2, posting a mid-range close. Corn was unsuccessful in extending Friday’s gains despite strength in SRW wheat and a wavering U.S. dollar as Russia confirmed the possibility of a 60-day extension to the Black Sea grain deal.
Soybeans: May soybeans closed 15 3/4 cents lower at $14.91 1/4, on the session low. May soybean meal closed $6.60 lower at $479.30, also on the session lows. May soyoil settled 75 points lower at 55.86 cents. Soybean futures saw losses despite early overnight and opening strength this morning with volatility raging on in outside markets.
Wheat: May SRW wheat rose 5 1/4 cents at $6.84 1/2. May HRW wheat gained 2 1/4 cents at $8.00 1/2. Prices closed nearer the session highs and saw short covering after hitting contract lows last Friday. Spring wheat futures rose 8 cents to settle at $8.32 2/4. Winter wheat futures markets saw corrective bounces today, following recent losses.
Cotton: May cotton rose 300 points to 81.18 cents, after reaching the lowest level since late November overnight. May cotton rose the daily limit, recapturing a large portion of Friday’s losses which were spurred by uneasiness around the collapse of the Silicon Valley Bank (SVB).
Cattle: April live cattle closed down 72 1/2 cents to $163.55. Prices hit a five-week low early on and then closed nearer the session high. May feeder cattle closed down $1.175 at $202.40 and nearer the session high. The cattle futures markets were pressured today by a keener risk-off mentality in the general marketplace, following the collapse of a major California back that rattled stock and financial markets.
Hogs: April lean hog futures sold $1.225 lower to $86.225, posting a mid-range close. April lean hog futures saw sympathy selling alongside most risk assets today.