Corn: December corn rose 6 1/2 cents to $4.64 1/4, near the daily high and hit a five-week high.
The corn futures market today saw good follow-through buying strength today, much of which was fund short covering and speculative and technical buying as prices have seen a bullish upside breakout on the daily bar chart and technicals have markedly improved.
Soybeans: November soybeans rose 5 1/2 cents to $11.97 3/4, near the daily high mid-range and poked to a five-week high. September soybean meal rose $3.30 to $314.50, near the daily high and hit a five-week high. September soybean oil rose 77 points to 68.16 cents, nearer the daily high. The soybean complex futures saw follow-through buying today from Monday’s better gains.
Wheat: September SRW rose 4 1/2 cents to $6.18 1/2, near the daily high and hit a two-week high. September HRW gained 3 cents to $6.52 3/4, near the daily high and also poked to a two-week high early on. September spring wheat futures rose 3 1/2 cents to $6.33. The winter wheat futures markets mostly paused today following the good gains posted Monday.
Cotton: December cotton futures rallied 299 points to 81.30 cents and hit a five-week high. Cotton futures saw heavy short covering and fresh speculator buying interest today amid recent news that the U.S. and China relations have warmed up, including recent China U.S. soybean buys.
Cattle: August live cattle lost $0.675 to $238.425, near mid-range and hit a four-week low. August feeder cattle rose $0.15 to $360.65, near mid-range. The live cattle futures market saw technically based short selling today, as well as weak long liquidation as prices are trending down on the daily bar chart.
Hogs: August lean hog futures fell $1.60 to $96.925, nearer the daily low. The lean hog futures market today saw heavy profit-taking pressure and weak long liquidation following recent gains.