Corn: May corn futures fell 1 cent at $6.47 1/4 and near mid-range. Prices hit a four-week high early on today. Corn futures traders were unwinding bull spreads today as the nearby May fell, while the new-crop December contract posted slight gains.
Soybeans: May soybeans rose 25 1/4 cents to $14.67 3/4, marking the highest close since March 20, while May meal futures rose $11.90 to $457.90. May soyoil closed 50 points higher at 55.05 cents. May soybeans pushed higher for the third straight session, with meal futures leading the charge higher after having experienced heavy selling efforts through most of March.
Wheat: May SRW wheat rose 1 3/4 cents to $6.99 3/4 and near mid-range. May HRW gained up 12 1/4 cents at $8.72 1/2, nearer the session high and hit a four-week high. May spring wheat futures rose 9 cents higher to $8.82 1/2. The HRW futures market continues to lead to the upside with today’s good gains.
Cotton: May cotton closed up the limit at 82.52 cents, marking the contract’s highest close since March 8. Short-covering efforts sent cotton futures surging higher for a third straight session.
Cattle: April live cattle rose 5 cents and settled at $164.95, near the top of today’s trading range. May feeder cattle lost 57.5 cents, settling at $200.80. Cattle markets consolidated after the last couple days of corrective buying with live cattle trading around yesterday’s settlement most of the day and feeders trading slightly weaker.
Hogs: Nearby April hog futures led the complex lower, falling 87.5 cents to $77.75. After rallying along with cattle futures Monday, the hog market set back again today.