Corn: May corn rallied a nickel to $4.74, forging a six-week high close. Early short-covering efforts in corn ultimately paused as the session progressed as technical headwinds and looming trade uncertainties buffered momentum.
Soybeans: May soybeans rose 20 cents to $10.12 3/4, near the daily high. May soybean meal rose $3.50 to $294.50, nearer the daily high and hit a two-week high. May soybean oil gained 125 points to 46.19 cents, nearer the session high and hit a two-week low early on. The soybean complex got a boost late today on news the Trump administration is lowering tariffs on all countries that have not retaliated against U.S. tariffs, but is raising tariffs on China to 125%.
Wheat: May SRW futures closed 2 1/4 cents higher to $5.42 1/4 and closed near mid-range. May HRW futures climbed 6 1/2 cents higher to $5.68. May HRS futures rose 7 3/4 cents to $6.08 3/4. Wheat futures worked higher for the third consecutive session but continue to butt up against technical resistance which has capped gains for the past three sessions.
Cotton: May cotton rose 108 points to 66.63 cents and nearer the daily high. Cotton got a lift late today on news the Trump administration is significantly lowering tariffs on all countries that have not retaliated against U.S. tariffs, but is raising tariffs on China to 125%.
Cattle: June live cattle surged $4.75 to $198.375, after scoring over a one-month low early on. Nearby April futures rose $3.70 to $202.80. May feeders surged $6.475 to $278.20. Cattle futures spent the morning struggling to score much momentum, though the Trump administration’s announcement of a 90-day pause on tariffs from non-retaliating countries spurred strong corrective gains.
Hogs: June lean hog futures closed $1.925 higher to $91.70, nearer session highs. June lean hogs saw corrective gains today after hitting a fresh eight month low. Reports that tariffs will be suspended on all countries but China, who will be tariffed at 125%, effectively immediately.