Corn: May corn futures fell 2 3/4 cents at $6.34 1/4 and near the session low. The corn market bulls can argue today’s slight losses in the futures market were not too disappointing given the keen “risk-off” trading attitudes following Federal Reserve Chairman Powell’s still-hawkish tone on U.S. monetary policy that rallied the U.S. dollar index to a three-month high and sunk the crude oil and stock markets.
Soybeans: May soybeans saw corrective selling today before closing at $15.15 2/4, down 13 2/4 cents on the day. May soybean meal saw losses of $5.60 and closed at $487.80. May soyoil saw selling alongside crude oil, closing 179 points lower at 58.66 cents. Soybeans saw losses amid profit-taking after the recent four-day rally.
Wheat: May SRW wheat futures rose 2 3/4 cents to $6.98, marking a mid-range close, while May HRW rose 1 1/2 to $7.99 1/4. May spring wheat fell 10 cents to $8.52 3/4. Winter wheat futures were able to mark corrective gains despite a surging U.S. dollar following hawkish comments from Fed Chair Jerome Powell.
Cotton: May cotton fell 194 points at 82.77 cents and near the session low. The cotton futures market today was hit by bearish “outside market” forces that included a sharp rise in the U.S. dollar index to a three-month high, solidly lower crude oil prices that saw the biggest one-day drop in two months, and a big sell off in the U.S. stock market.
Cattle: Nearby April live cattle futures slipped 12.5 cents to $165.975 Tuesday, while most-active April feeder futures gained 7.5 cents to $198.675. The live cattle market stalled today after rising to fresh contract highs Monday.
Hogs: April lean hogs rose $1.325 to $84.80, marking a high range close. Nearby lean hog futures notched solidly higher as buyers entered the market on short-covering efforts as cash fundamentals continue to strengthen.