Corn: July corn futures fell 2 1/2 cents to $4.58 and near mid-range. The corn futures market saw the “Turnaround Tuesday” effect today following Monday’s good gains.
Soybeans: July soybeans fell 5 1/2 cents to $12.15, nearer the session low, while July soymeal closed down $1.80 to $372.30, marking a high-range close. July soyoil fell 51 points to 45.81 cents. Soybean futures took back a portion of Monday’s gains but traded mostly within the previous session’s upper range.
Wheat: July SRW futures climbed 8 3/4 cents to $6.97 1/2 and settled near session highs. July HRW futures rallied 4 3/4 cents to $7.01 1/2 and closed nearer session highs. July HRS futures fell 1/2 cent to $7.38 3/4. Winter wheat futures showed relative strength today, building on Monday’s gains and scoring a fresh for-the-move high.
Cotton: July cotton rose 35 points to 76.38 cents, nearer the session high. Cotton futures favored the upside again today, though narrow, consolidative trade continues to result from technical resistance.
Cattle: June live cattle futures rallied $1.50 to $182.975 and settled nearer session highs. August feeder cattle futures climbed $1.35 to $259.825, while nearby May futures surged $2.25 to $248.95. Live cattle climbed higher, driven higher by continued cash fundamental strength.
Hogs: June lean hogs fell 52 1/2 cents to $96.40 though closed nearer the session high. Prices hit a three-month low early on. The hog futures market continues to erode as traders are taking premiums out of the summer-month futures, with June futures presently trading just $4.39 above the cash index.