Corn: July corn futures rose 3 1/4 cents to $7.75 1/4. December corn rose 8 1/4 cents to $7.19. Corn posted a modest corrective bounce from Monday’s drop to a four-week low, supported by lower-than-expected U.S. corn-planting progress. USDA reported 22% of the crop planted as of Sunday, under the 50% average for the previous five years.
Soybeans: July soybeans rose 7 cents to $15.92 1/4, while November rose 8 cents to $14.54 3/4. July soymeal fell $1.30 to $401.50 per ton. July soyoil rose 130 points to 81.04 cents per pound. Soybeans rose on corrective buying amid optimism over U.S. demand and concern over tighter global supplies.
Wheat: July SRW wheat ended unchanged at $10.92 3/4. July HRW wheat rose 10 3/4 cents to $11.75. July spring wheat rose 6 3/4 cents to $12.13 1/2. Wheat posted a corrective bounce on support from ongoing concerns over drought-stressed crops in the U.S. Plains and delayed planting in the Northern Plains.
Cotton: July cotton futures rose 1 point 142.94 cents per pound. U.S. cotton planting accelerated last week, as USDA reported planting in 15 top producing states was 24% complete, up from 16% the week-prior figure and matching the five-year average.
Cattle: June live cattle fell $1.15 to $132.40, the contract’s lowest closing price since Nov. 1. August feeder futures fell $2.375 to $172.85. Cattle futures extended recent declines on concern high beef prices are curbing retail demand and expectations for cash market weakness. Choice cutout values fell cents early today to $257.33.
Hogs: June lean hogs rose 27.5 cents to $101.575, the contract’s first gain in three sessions. July hogs fell $1.225 to $102.975, near a four-month closing low. Hog futures remained burdened by eroding charts, weak cash markets and as bearish outside forces, such as a strong U.S. dollar. The CME lean hog index rose 18 cents today (as of May 6) to $101.09, the first gain in nine days.