Hogs: October lean hog futures rose $0.45 to $80.90, nearer the daily high. The lean hog futures market paused today as bulls work to stop the bleeding. Technical charts are firmly bearish, which keeps the chart-based specs confident to continue to play the short side.
Cattle: October live cattle fell $0.175 to $210.775, near mid-range and hit another eight-month low. November feeder cattle rose $1.80 to $307.50, nearer the daily high and also hit another eight-month low early on. October live cattle saw mild technical pressure and weak long liquidation as the cattle bulls continue to suffer from the Trump administration’s moves to lower beef prices via cheaper imports as well as the reopening of the southern border to feeder cattle imports at the Douglas, Arizona port.
Corn: December corn rose 13 cents to $5.36 1/2, near the daily high and hit a contract high and a three-year high, basis nearby futures. The corn futures market bulls are off to the races this week, with bulls stepping in aggressively to buy any intra-day price pullbacks.
Soybeans: November soybeans rose 28 1/4 cents to $12.66, near the daily high and hit a contract high. December soybean meal rose $10.10 to $339.30, near the daily high and hit a nine-month high. December soybean oil fell 4 points to 67.74 cents, nearer the daily high. The soybean and meal futures saw a burst of technical buying today and were also lifted by sharp gains in corn and wheat prices, partly on news that Russian President Putin indicated his war with Ukraine will escalate as peace talks are at a dead-end.
Wheat: December SRW rose the daily trading limit of 45 cents to $7.48 1/4 and soared to a contract high. Trading limits expand to 70 cents on Thursday. December HRW gained 38 cents to $8.08 3/4, near the daily high and hit a contract high. December spring wheat rose 28 cents to $7.48. The wheat futures markets today were boosted by the news just before midday that Russian President Putin said peace talks with Ukraine are at a dead-end and that Russia will escalate its war with Ukraine.
Cotton: December cotton futures rose 80 points to 89.14 cents, near the daily high and closed at a contract high close. Cotton futures today saw a pause in the early going, but buying interest in the natural fiber picked up near midday as the grain futures markets rallied sharply.