Corn: May corn fell 1 1/4 cents to $4.50, marking a mid-range close. Corn faced another day of selling, with pressure stemming from wheat, while gains across the soy complex failed to muster up much spillover support.
Soybeans: May soybeans closed 15 3/4 cents higher to $10.16 3/4 and closed near session highs. May soymeal climbed 90 cents to $294.5 and settled near mid-range. May bean oil surged 163 points to 44.27 cents, near session highs. Soybeans surged above key technical resistance in a surprising rally ahead of Monday’s reports.
Wheat: May SRW wheat fell 3 1/4 cents to $5.32, near mid-range and hit a contract low early on. May HRW wheat rose 1 1/4 cents to $5.66 1/4, near mid-range and hit a three-week low. May spring wheat futures rose 3 1/4 cents to $5.88 1/2. The wheat futures market bulls continued very timid amid a “risk-off” trading environment today, mostly due to heightened trade tensions between the U.S. and other major economies that could dent foreign demand for U.S. wheat.
Cotton: May cotton futures surged 139 points to 67.07 cents, marking the highest close since March 14. Cotton futures posted another day of modest gains as prices find equilibrium ahead of Monday’s key USDA reports.
Cattle: June live cattle rose $2.775 to $205.80 and near the daily high. May feeder cattle rose $1.35 to $286.525, near the daily high. The March feeder cattle contract went off the board 85 cents higher at $287.65. The cattle futures markets late this week are showing resilience after an early-week dip.
Hogs: Hog futures continued struggling Thursday, with most-active June falling 37.5 cents to $96.175. Nearby April dropped 52.5 cents to $87.025. The hog and pork complex remained under seasonal pressure Thursday, with the wholesale market reversal from Wednesday’s midsession high seemingly spurring futures sales.