Corn: December corn futures rose 2 3/4 cents to $4.19 3/4, nearer the daily high. The corn market bulls got in gear today in late trading, following some chart consolidation the past couple sessions. The bulls needed to step up and show better strength in order to keep alive a price uptrend in place on the daily bar chart for December futures.
Soybeans: November soybeans rose 8 1/4 cents to $10.33 1/2, nearer the daily high. December soybean meal rose $1.90 to $287.70, nearer the daily high. December soybean oil rose 59 points to 51.60 cents, nearer the daily high. The soybean complex saw short covering and some perceived bargain hunting from the speculators today.
Wheat: December SRW wheat rose 6 1/2 cents to $5.21 1/2, near the daily high after hitting a contract low early on. December HRW gained 3 cents to $5.10, near the daily high. Spring wheat futures gained two cents to $5.71 1/2. The winter wheat futures markets saw short covering today. However, the winter wheat bulls need to put together a multi-session winning streak to suggest market bottoms are in place.
Cotton: December cotton rose 5 points to 66.72 cents, near mid-range. More short covering was featured in the cotton market today.
Cattle: October live cattle rose $1.125 to $232.275, nearer the daily high. September feeder cattle gained $2.025 to $355.225, nearer the session high. The live and feeder cattle futures bulls again today worked to stabilize their markets following Tuesday’s downdraft.
Hogs: October lean hogs rose $1.35 to $98.175, near the daily high and hit another contract high. The lean hog futures market bulls are rolling amid chart-based buying from the speculators as prices continue to trend higher.