Corn: July corn futures rose 3 1/4 cents to $4.55 3/4, nearer the daily high and hit a five-week low overnight. The corn futures market saw short covering and perceived bargain buying today. A weaker U.S. dollar index today also worked in favor of the corn market bulls.
Soybeans: July soybeans rose 9 1/4 cents to $11.94 1/2, nearer the daily high. July soybean meal rose $3.50 to $334.10, nearer the daily high. July soybean oil rose 144 points to 76.70 cents, near the daily high and is back very close to the contract high. The soybean complex markets today saw renewed buying interest amid a weaker U.S. dollar index. Short covering and perceived value-buying were featured.
Wheat: July SRW rose 1 1/2 cents to $6.24, near mid-range and hit a nearly three-week low early on. July HRW lost 4 1/2 cents to $6.65 1/4, nearer the daily low and hit a five-week low. September spring wheat futures fell 3 1/4 cents to $7.02, nearer the daily low. The winter wheat futures markets bulls are trying to stop the bleeding. Higher corn and soybean complex prices today did limit selling interest in SRW, but the HRW bears are keeping their foot on the gas
Cotton: July cotton futures rose 61 points to 76.77 cents, near the session high and hit a six-week low early on. Cotton futures saw some short covering today. A weaker U.S. dollar index today also aided the cotton market bulls.
Cattle: August live cattle fell $1.50 to $241.00, near the daily low. August feeder cattle lost $1.60 to $353.025, near the daily low. The cattle futures markets sold off late today, on profit taking and weak long liquidation. The bulls had been working prices up from their May lows but took a step backward today. Key for the bulls will be to show more price strength, or at least stability, in the coming sessions.
Hogs: August lean hog futures rose $0.075 to $100.925, near the daily high. The lean hog futures market paused today following decent gains Wednesday. Buying interest in lean hog futures continues to be squelched by the near-term technical posture remaining firmly bearish.