Corn: July corn futures rose 1 3/4 cents to $7.83 1/4, while December futures fell 4 1/4 cents to $7.36. Corn futures ended mostly lower on spillover from sharp declines in wheat and expectations for improved U.S. planting progress. Net U.S. corn sales for the week ended May 12 totaled 435,300 MT for 2021-22, down 36% from the average for the previous four weeks. Net sales for 2022-23 totaled 588,500 MT, led by China at 544,000 MT.
Soybeans: July soybeans rose 27 3/4 cents to $16.90 1/2, the contract’s highest close since April 27. November soybeans rose 15 cents to $15.14 1/2. July soymeal rallied $11.30 to $425.30, while July soyoil fell 102 points to 79.53, a four-week low. Nearby soybeans a hit three-week high behind a resurgent soymeal market and stronger-than-expected weekly export data.
Wheat: July SRW wheat fell 30 1/4 cents to $12.00 1/2. July HRW wheat fell 29 1/4 cents to $12.95 1/4. July spring wheat futures tumbled 22 1/4 cents to $13.30 1/2. Wheat futures fell on a second day of heavy profit-taking following the rally to contract highs early this week, with additional pressure from improved rain chances in the U.S. Plains.
Cotton: July cotton jumped 323 points to 147.70 cents per pound. USDA weekly export sales report was price-supportive, with net 2021-22 U.S. sales more than tripling from the previous week to 110,900 running bales.
Cattle: June live cattle ended unchanged at $131.50, while August feeder futures fell 60 cents to $165.20. Nearby live cattle were supported by firmness in wholesale beef and indications cash prices this week won’t be as weak as previously thought. Choice cutout values rose $1.23 to $261.70, up from $258.95 at the end of last week, but movement was relatively light at 86 loads.
Hogs: June lean hogs fell 80 cents to $105.30 and July hogs fell $1.55 to $106.975. Hog futures fell for the first session in five in a corrective pullback from a recent rally. Nearby hogs are still up sharply for the week, suggesting the market has hit a near-term bottom and started a delayed seasonal rally. Pork cutout values fell 15 cents to $103.46 but are still up from $101.17 at the end of last week. Today’s movement was light at 220 loads.