Corn: May corn futures fell 14 cents and settled at $6.11 2/4, the lowest level since August 2022. Yesterday’s USDA report that reduced demand weighed on prices and had snowball-effect selling throughout the day.
Soybeans: May soybeans fell 7 cents to $15.10 3/4 and nearer the session low. May soybean meal rose $1.20 at $486.90 and near mid-range. May soybean oil dropped 202 points at 57.06 cents, near the session low and hit a seven-month low. The soybean complex today was pressured by disappointing weekly U.S. export sales data and by big sell offs in corn and wheat futures.
Wheat: May SRW futures fell 21 3/4 cents to settle at $6.65 3/4, near the session low. May HRW futures fell 23 cents to $7.77 1/4, also on the session low. Spring wheat futures fell 22 3/4 cents to $8.15 3/4. Wheat futures saw extensive losses today despite uncertainty on the Black Sea Grain Initiative, giving doubt whether the deal will be renewed before the current deal expires next week.
Cotton: May cotton fell 44 points at 82.18 cents and nearer the session low. The cotton futures were pressured today by sell-offs in the grain futures markets as well as lower crude oil and U.S. stock index prices.
Cattle: Nearby April live cattle futures slid 65 cents to $164.80 Thursday, while most-active April feeder futures fell 92.5 cents to $199.15. The cattle and beef complex couldn’t avoid the general commodity selloff Thursday, although traders did have some cause for concern based on the latest price developments.
Hogs: April lean hogs edged 67.50 cents lower to $85.075, a mid-range close after marking the highest intraday level since Feb. 27. Lean hogs failed to extend gains from the previous two sessions, as technical resistance at the 40-day moving average proved challenging for bulls.