Corn: December corn rose 9 3/4 cents to $4.49, nearer the daily high and hit a two-week high. The corn futures market today got a bullish USDA monthly supply and demand report. In its monthly update (WASDE), the agency cut its U.S. corn crop estimate 141 million bu. from last month. T
Soybeans: January soybeans rose 39 3/4 cents to $12.28, near the daily high. December soybean meal gained $5.80 to $328.70, near the daily high. December soybean oil rose 74 points to 62.77 cents, nearer the daily high. The soybean complex today saw a bullish USDA report. The agency increased its U.S. soybean production estimate 13 million bu. from last month, but not as much as the trade expected.
Wheat: December SRW rose 4 3/4 cents to $5.92 3/4, near mid-range. December HRW gained 1 3/4 cents to $6.34 1/4, nearer the daily low. December spring wheat futures rose 6 1/2 cents to $6.28 3/4. The winter wheat futures markets saw some mild spillover buying interest from higher corn and soybean futures prices today.
Cotton: December cotton futures fell 9 points to 78.69 cents, near mid-range. Cotton futures saw USDA trim its U.S. cotton production estimate 722,000 bales from last month to 13.175 million bales.
Cattle: December live cattle rose $3.00 to $219.20, near the daily high. January feeder cattle gained $2.50 to $326.675, near the daily high. The cattle futures markets saw more short covering and perceived bargain buying today and price action the past three sessions suggests the bears are exhausted and that a market bottoms may be in place.
Hogs: December lean hog futures fell $0.075 to $55.80, nearer the daily low. The lean hog futures market saw tepid short covering and perceived bargain hunting early on today after the market slumped to contract lows last week.