Corn: July corn futures rose 1 cent to $4.63 3/4, nearer the daily high. The corn futures market saw a mild corrective pullback today earlier in the session, with buying interest also limited by weaker soybean prices.
Soybeans: July soybeans fell 4 3/4 cents to $11.74 3/4, nearer the daily low. July soybean meal rose $0.20 to $316.50, near mid-range. July soybean oil rose 5 points to 71.05 cents, nearer the daily high. Soybean market bulls once again shuddered today when they saw news reports the U.S. fired another shot across China’s bow—this time regarding China trying to illicitly obtain U.S. artificial intelligence information.
Wheat: July SRW rose 13 1/4 cents to $6.20 1/4, near the daily high and hit a three-week high. July HRW gained 29 1/4 cents to $6.79 1/4, near the daily high and hit a 14-month high. July spring wheat futures rose 10 1/2 cents to $6.91 1/2. The HRW wheat futures markets today saw a bullish upside breakout from a choppy trading range at higher levels, which suggests more price upside in the near term.
Cotton: July cotton futures rose 81 points to 79.45 cents, nearer the daily high. July cotton futures today saw a decent corrective rebound from Wednesday’s strong losses that did produce a big and bearish technical key reversal down on the daily bar chart, which is one chart clue that a market top is in place.
Cattle: June live cattle rose $0.425 to $243.50, nearer the session high and hit a three-week low early on. May feeder cattle gained $0.45 to $358.875, nearer the daily high and hit a three-week low early on. The cattle futures markets today saw modest corrective rebounds from selling pressure and lower closes the last five sessions in a row for live cattle and six in a row for feeders.
Hogs: June lean hog futures rose $0.825 to $103.45, near the session high. The lean hog futures market saw short covering and perceived bargain hunting featured today.