Corn: July corn futures fell 5 cents to $4.67 1/2 and nearer the session low. Today was a typical “Turnaround Tuesday” event in the corn futures market, as prices saw a routine corrective, and arguably healthy, pullback after recent good gains.
Soybeans: July soybeans closed a nickel lower at $12.14 1/2 but notched a high-range close. July soymeal rallied $6.80 to $373.30, closing above the 200-day moving average. July soyoil fell 175 points to 43.40 cents, ending the session below the 10- and 20-day moving averages. Soybean futures garnered adequate strength to turn from early morning lows as solid soymeal gains underpinned the complex, largely offsetting heavy selling in soyoil futures.
Wheat: July SRW futures sank 14 1/2 cents to $6.72 1/2 and settled nearer session lows. July HRW futures closed 16 3/4 cents lower to $6.83 1/4. July HRS futures showed relative strength but still fell 5 cents to $7.33 1/4. Wheat futures traded in a sustained downtrend throughout today’s session.
Cotton: July cotton closed down the 300-point limit at 74.63 cents and marked the lowest close since Oct. 31, 2022. Cotton futures faced heavy selling as technical pressure and a notable increase in U.S. plantings weighed on the natural fiber.
Cattle: June live cattle futures firmed $2.60 to $178.175 and settled nearer session highs. August feeder cattle futures jumped $4.325 to $255.675 while May feeder cattle futures surged $3.90 to $243.275. Live cattle futures opened higher this morning and saw continued buying pressure throughout the session, closing at the highest mark since April 26.
Hogs: June lean hogs rose 85 cents to $98.325 and near mid-range. May lean hog futures expired at noon today, up 37 1/2 cents at $91.825. The hog futures market today saw short covering and some perceived bargain hunting following recent selling pressure.