Corn: December corn rose 3 1/4 cents to $4.83, nearer the daily high. The corn futures market saw a short-covering bounce after Friday’s shellacking that pushed prices to a two-month low.
Soybeans: November soybeans fell 4 1/4 cents to $12.87 3/4, nearer the daily high. December soybean meal rose $3.10 to $368.70, near the daily high and closed at a two-week high close. December soybean oil rose 61 points to 68.63 cents, nearer the daily high. The soybean market saw some modest commercial hedge selling pressure today as combines are rolling full speed over much of the Midwest.
Wheat: December SRW rose 1 1/4 cents to $6.72 1/4, nearer the session high. December HRW lost 4 cents to $7.15 1/4, near mid-range and closed at a three-month low close. December spring wheat futures rose a penny to $6.96 1/4. The winter wheat futures markets saw two-sided price action today, with SRW posting a mild short-covering bounce by the close, while HRW saw technical selling prevail.
Cotton: December cotton futures rose 6 points to 80.60 cents, nearer the daily high. Cotton futures saw tepid short covering today. Selling interest was limited by higher crude oil prices.
Hogs: December lean hog futures rose $0.55 to $68.375, near mid-range. The lean hog futures market saw tepid short covering after hitting a contract low on Friday. Technicals are still bearish, highlighted by a downtrend that remains in place on the daily bar chart.
Cattle: December live cattle fell $0.45 to $226.60, near mid-range. November feeder cattle lost $0.85 to $341.10, nearer the session high. The live and feeder cattle futures markets saw modest corrective price pullbacks and some profit taking from the shorter-term specs today, following Friday’s solid gains that push markets to multi-week highs.