Corn: December corn rose 2 3/4 cents to $4.87 1/2, near the daily high and hit a two-month high. The corn futures market today saw fresh speculator and technical buying interest as a heat wave persists in the Plains and far western Corn Belt. Some weather forecasters are saying the heat in the Midwest will build heading into August.
Soybeans: November soybeans rose 4 3/4 cents to $12.43 3/4, near mid-range and hit a contract high. September soybean meal fell $0.80 to $328.80, near mid-range and hit an eight-month high early on. September soybean oil rose 16 points to 74.69 cents, nearer the daily low and closed at a six-week high. The soybean market saw more technical buying interest from the specs today amid weather in the Midwest that some weather forecasters say will heat up moving out of July. Recent China demand for U.S. soybeans is also bullish.
Wheat: September SRW lost 9 1/2 cents to $6.96 1/4, nearer the daily low and hit a contract high early on. September HRW fell 3 3/4 cents to $7.59 3/4, near mid-range. September spring wheat futures rose 1 cent to $7.30. The winter wheat futures markets saw some mild profit-taking pressure today following recent good gains. Bulls could argue this was a needed pause if the bull-market run is to be extended.
Cotton: December cotton futures rose 10 points to 81.21 cents, near mid-range. Cotton futures today saw mild technical buying to keep the price uptrend alive on the daily bar chart. Reduced risk appetite in the general marketplace today did limit the upside in cotton futures, as did a higher U.S. dollar index.
Cattle: August live cattle rose $2.20 to $225.40, nearer the daily high and hit a seven-month low early on today. August feeder cattle gained $2.60 to $343.775, near the daily high and hit a six-week low early on. The cattle futures markets today saw short covering and perceived bargain hunting from the speculators, as the markets had become technically overdone on the downside and were due for corrective rebounds.
Hogs: August lean hog futures rose $0.70 to $102.15, near the daily high. The lean hog futures market saw renewed chart-based buying interest today, as a price uptrend remains in place on the daily bar chart. Bulls have also been encouraged by rising cash hog prices.