Corn: July corn futures rose 9 cents at $4.59 3/4, near the session high and hit a three-month high. The corn futures bulls were energized today by improved risk appetite in the general marketplace after the Federal Reserve Wednesday afternoon signaled it will not become more hawkish on U.S. monetary policy, as many Fed watchers had feared.
Soybeans: July soybeans rallied 28 3/4 cents to $11.99, one-month-high close, while July soymeal surged $15.90 to $364.90, marking the highest close since Jan. 31. July soyoil closed 2 points lower at 43.24. Soybean futures mustered a solid rally, led by renewed strength in soymeal to a three-month high.
Wheat: July SRW wheat rose 5 cents at $6.04 1/4 and near mid-range. July HRW wheat closed up 11 1/2 cents at $6.36 1/2 and nearer the session high. July spring wheat futures rose 7 cents to $7.09 1/4. Wheat market bulls needed to halt this week’s price skids and they did just that today.
Cotton: July cotton tumbled 89 points to 75.62 cents, the lowest close since Nov. 2022. Cotton futures edged lower for the third straight session as technical pressure and tepid demand continue to plague the natural fiber.
Cattle: The cattle complex rebounded strongly after USDA announced that tests of the nation’s beef supply had come up negative for bird flu. June live cattle futures leapt $2.95 to $176.80, while May feeders jumped $2.175 to $243.60. The cash cattle market continued exhibiting remarkable strength Wednesday, with cattle in the Nebraska and Iowa/southern Minnesota regions trading at $186.56.
Hogs: Most nearby hog futures continued their recent slide Thursday, while the deferred posted modest gains. Expiring May hog futures inched up 5 cents to $93.075, whereas most-active June futures fell 50 cents to $99.925. Traders remain unpersuaded as to the potential size of the spring advance in cash hog prices.