Commodities Whipsaw as Oil Shock Fades, Cotton Rally Eases and Wheat Firms

Geopolitics alongside speculative flows drive sharp, USDA‑anchored swings across farm and livestock markets.

Overview

Crude oil jumped after the weekend breakdown in U.S.–Iran talks, then reversed by Tuesday on talk of possible renewed discussions, jolting price moves across farm futures.
Following Monday’s strong advance, cotton futures slipped 11 to 61 points Tuesday as traders took profits and ICE‑certified stocks climbed, with U.S. planting reported at 7 percent.
Soybean meal’s Friday surge lifted soybeans to a near four‑week high, but futures fell Monday and Tuesday as Brazil’s harvest outlook and China import data added supply signals and U.S. planting reached 6 percent.
Corn ended Tuesday mixed to slightly higher in nearby months after USDA logged new export sales to Mexico and unknown buyers and reported 5 percent of the crop planted.
Wheat extended gains into Tuesday morning after USDA trimmed winter wheat condition to 34 percent good or excellent, while live cattle rallied and lean hogs eased on the latest cash, cutout, and slaughter readings.