Big Rise in Soybeans Today
Corn: July corn futures rose 1 3/4 cents to $7.83 1/4, while December futures fell 4 1/4 cents to $7.36, the lowest settlement for the new-crop contract since May 11. Corn futures ended mostly lower amid expectations for improved U.S. planting progress and a second day of sharp declines in wheat.
Soybeans: July soybeans rose 27 3/4 cents to $16.90 1/2, the contract’s highest close since April 27. November soybeans rose 15 cents to $15.14 1/2. July soymeal rallied $11.30 to $425.30, while July soyoil fell 102 points to 79.53, a four-week low.
Wheat: July SRW wheat fell 30 1/4 cents to $12.00 1/2. July HRW wheat fell 29 1/4 cents to $12.95 1/4. July spring wheat futures tumbled 22 1/4 cents to $13.30 1/2. Wheat futures fell on a second day of heavy profit-taking following the rally to contract highs early this week, with additional pressure from improved rain chances in the U.S. Plains.
Cattle: June live cattle closing unchanged at $131.50, while August feeder futures fell 60 cents to $165.20. Nearby live cattle were supported by firmness in wholesale beef and indications cash prices this week won’t be as weak as previously thought.
Hogs: June lean hogs fell 80 cents to $105.30 and July hogs fell $1.55 to $106.975. Hog futures fell for the first session in five in a corrective pullback from a recent rally. Nearby hogs are still up sharply for the week, suggesting the market has hit a near-term bottom and started a delayed seasonal rally.