May 29, 2023

Corn: July corn futures were the only contract the complex to rise today, settling 3 1/2 cents higher at $5.90 3/4. Meanwhile, December futures fell 4 cents settling at $5.16. Corn futures faced stiff resistance and were unable to overcome today’s bearish export sales report as prices slumped following the recent three-day rally.

Soybeans: July soybeans fell 1/2 cent to $13.24, a high-range close after trading as low as $13.05. July meal futures ended $5.00 lower at $397.20, the lowest close since Nov. 17, while July soyoil rose 52 points to 48.52 cents, closing above the 10-day moving average. Soybeans made a late-morning stab at last Friday’s low but rebounded back above initial support within the hour.

Wheat: July SRW wheat fell 2 cents to $6.04 1/4 and nearer the session low. July HRW wheat rose 5 3/4 cents at $8.18 and near mid-range after hitting a three-week low early on. July spring wheat rose 6 1/2 cents to $8.05 1/2. HRW wheat futures saw some corrective buying and short covering today, while SRW futures saw more mild technical selling pressure.

Cotton: July cotton fell 160 points to 80.12 cents, ending near the session low after trading as high as 82.78 cents. Cotton futures pushed lower for the fourth straight session as a stronger U.S. dollar and plummeting crude oil futures weighed on the natural fiber.

Cattle: June live cattle rose $1.20 to $167.30 and near the session high. Prices hit a contract high today. August feeder cattle rose 17.5 cents to $234.70 and nearer the session high. The live and feeder cattle market bulls remain strong, both fundamentally and technically, which suggests still more upside for both in the near term.

Hogs: Hog futures continued their recent dive Thursday, with nearby June futures tumbling another $2.15 to $77.65. The July and August contracts plunged about $3.50 on the day. Industry pessimism about the hog outlook overwhelmed the bulls again Thursday despite generally supportive cash and wholesale news.








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