Soybeans Surge (5/26)

Corn: July corn futures fell 7 1/4 cents to $7.65, the contract’s lowest closing price since $7.58 3/4 on April 11. December corn fell 4 1/2 cents to $7.18 3/4, the lowest close in over two weeks. Nearby corn futures were pressured by lackluster export sales and an outlook for favorable crop weather in the Midwest.

Soybeans: July soybeans surged 45 1/2 cents to $17.26 1/2, a lifetime-high close for the contract. November soybeans rose 32 cents to $15.44 3/4. July soymeal gained $4.00 to $428.20 and July soyoil rose 160 points to 80.52 cents. Soybean futures erased overnight declines and rallied behind expectations that wet conditions for the northern Midwest will further delay spring planting.

Wheat: July SRW wheat fell 5 cents to $11.43 1/4. July HRW wheat fell 4 3/4 cents to $12.28 1/2. July spring wheat futures jumped 11 3/4 cents to $12.92 1/4. Winter wheat fell for the fifth day in six amid pressure from weak technicals and expectations crops in the U.S. Plains will benefit from recent rains.

Cattle: August live cattle rose 7.5 cents to $132.60. August feeders fell $1.275 to $166.675. Live cattle futures posted modest gains despite further signs of weakness in cash prices. USDA-reported live steers averaged $139.82 this week through this morning, down about 43 cents from last week’s average.

Hogs: July lean hogs rose $3.875 to $111.825, the contract’s highest closing price since $114.60 on April 28. Hog futures extended the recent rally and closed at four-week highs on a strengthening cash market and bullish chart signals. The CME lean hog index rose 84 cents to $103.87 (as of May 24), the sixth daily gain in a row and the highest since last August.