Corn: December corn rose 2 1/4 cents to $4.75 1/4, near the daily high and closed at a seven-week high close. The corn futures market today saw renewed speculator and chart-based buying interest as a heat wave has enveloped the Plains states for the past 10 day, spreading into the far western Corn Belt.
Soybeans: November soybeans fell 3 1/2 cents to $12.22 3/4, near mid-range. September soybean meal rose $3.10 to $324.30, near the daily high and hit a two-month high. September soybean oil fell 41 points to 73.41 cents, near mid-range. The soybean market saw a pause today. Meal and bean oil were impacted by the spread traders buying meal and selling bean oil.
Wheat: September SRW rose 4 cents to $6.78, near the daily high. September HRW rose 9 1/4 cents to $7.33, near the daily high and closed at a nine-week high close. September spring wheat futures rose 12 cents to $7.04 1/4. The winter wheat futures markets saw mixed trade early today, with mild profit taking, but the bulls stepped in to buy the dips – a sign the winter wheat market bulls are still confident.
Cotton: December cotton futures rose 150 points to 80.42 cents, nearer the daily high. Cotton futures today saw renewed technical buying today to keep the price uptrend alive on the daily bar chart.
Cattle: August live cattle rose $0.15 to $226.675, near mid-range. August feeder cattle lost $2.45 to $349.55, nearer the daily low. The live cattle futures markets today saw a pause after Monday’s short-covering gains.
Hogs: August lean hog futures rose $0.225 to $101.50, near mid-range and hit a two-month high. The lean hog futures market saw renewed mild buying from the chart-based speculators as a price uptrend remains in place on the daily bar chart.