Corn: July corn rose 4 3/4 cents to $4.84, nearer the session high. Corn futures were able to deepen gains as the session progressed, shaking off a portion of recent losses.
Soybeans: July soybeans surged 11 3/4 cents to $10.62 and closed near session highs. July meal slid $1.90 to $296.70, nearer session lows. July bean oil surged 173 points to 50.07 cents. Soybean futures surged higher today, breaking out of the recent sideways range and posting a bullish breakout on the daily bar chart.
Wheat: July SRW wheat rose 1 cent to $5.44 1/2, nearer the daily high and hit a three-week low early on. July HRW wheat rose 1/2 cent to $5.50 3/4, nearer the daily high and hit a contract low early on. July spring wheat futures closed 3/4 cent higher to $6.07 3/4. The winter wheat futures markets are languishing at lower price levels and got very little traction from rallies in the corn and soybean futures markets today, nor from a lower U.S. dollar index or a risk-on trader and investor mentality in the general marketplace.
Cotton: July cotton rose 14 points to 69.17 cents and closed near mid-range. Cotton futures worked higher again today despite poor export sales and bearish rhetoric out of China.
Cattle: June live cattle fell 10 cents to $208.00 and nearer the session high. May feeder cattle rose 72 1/2 cents to $289.075, nearer the daily high and hit a four-week high. The live cattle futures market paused today after recent solid gains that have come amid a marked improvement in trader and investor risk appetite in the general marketplace, on news the U.S. and China are engaging in trade talks.
Hogs: June lean hog futures settled 22.5 cents lower at $99.925 but did end the day on session highs. Leans hogs opened lower this morning but clawed back most of this morning’s losses as the session went on.