Corn: July corn futures rose 2 3/4 cents to $4.15 1/2, nearer the daily high and hit a contract low early on. The corn futures market today saw short covering and perceived bargain buying. The high-range close today does begin to hint the bears may now be exhausted. Continued very good overall corn-growing weather in the U.S. at present remains the main bearish element in the corn futures market.
Soybeans: July soybeans rose 5 3/4 cents to $11.19 1/4, near the daily high after hitting a four-month low overnight. July soybean meal rose $0.70 to $302.00, nearer the daily low and hit a four-month low overnight. July soybean oil rose 9 points to 74.37 cents, near the daily high and hit a five-week low early on. The soybean and meal markets saw short covering and perceived bargain hunting today but gains were limited by still-good growing weather in most of the Midwest. Sharp losses in crude oil today also kept the buyers in the soybean complex somewhat timid.
Wheat: July SRW rose 5 1/4 cents to $5.89 3/4, nearer the daily high and hit a four-month low early on. July HRW gained 5 1/2 cents to $6.40, nearer the daily high. September spring wheat futures fell 2 1/4 cents to $6.39 3/4, nearer the daily high. The winter wheat futures markets saw short covering and some bargain buying today, following recent losses.
Cotton: July cotton futures rose 49 points to 73.43 cents, near the daily high. Cotton futures saw another corrective bounce today following recent selling pressure. A rally in the U.S. stock indexes and a weaker dollar index today prompted some buying interest in cotton.
Cattle: August live cattle rose $2.075 to $243.25, near the daily high. August feeder cattle gained $4.125 to $361.55, near the session high and hit a three-week high. The cattle futures markets saw another session of price gains—making it three out of the past four with higher daily closes.
Hogs: August lean hog futures fell $0.575 to $95.775, near the daily low. The lean hog futures market today saw renewed technical selling as the near-term charts remain bearish amid a price downtrend in place on the daily bar chart.