Corn: May corn futures fell 1/2 cent to $4.36 1/2, nearer the session high. The corn futures market today saw some mild chart-based selling as a price uptrend on the daily bar chart for May futures has been negated.
Soybeans: May soybeans rose 7 cents to $11.56, near the session high. May soybean meal rose $0.40 to $308.90, nearer the daily high. May soybean oil gained 101 points to 60.09, near the daily high and hit another contract high. The soybean and bean oil futures market today saw more technical buying, getting support from a rally in the crude oil futures market to an eight-month high amid rising U.S.-Iran tensions.
Wheat: May SRW rose 14 1/4 cents to $5.66 3/4, near the daily high and hit a three-month high. May HRW rose 15 cents to $5.76 3/4, near the daily high and hit a six-month high. May spring wheat futures rose 9 1/2 cents to $5.94 1/2, nearer the daily high. The winter wheat futures markets today saw solid technical buying interest amid price uptrends in place on the daily bar charts.
Cotton: May cotton rose 38 points to 64.14 cents, near the daily high. The cotton futures market today saw more short covering in a bear market.
Cattle: April live cattle rose 90 cents to $243.425, nearer the daily high and closed at a four-month-high close. March feeder cattle fell 30 cents to $370.275, near mid-range. The live cattle futures market today saw buying support as USDA today reported very light cash cattle trading so far this week at $249.00—well above last week’s average.
Hogs: April lean hog futures rose 90 cents to $93.45, near the daily high. Lean hog futures today saw some short covering and perceived bargain buying following recent steep losses.