Corn: July corn futures rose 6 1/4 cents to $4.75 1/2, near the daily high and hit another four-week high. The corn futures market saw more technical buying featured today as prices are trending up on the daily bar chart.
Soybeans: July soybeans fell 2 3/4 cents to $11.89 1/4, nearer the daily high. July soybean meal fell $0.40 to $327.40, nearer the daily high. July soybean oil gained 85 points to 72.52 cents, nearer the daily high and closed at a contract high close. The soybean market today saw a mild corrective pullback from Monday’s decent gains. Losses in beans and meal were limited by gains in corn and strong gains in winter wheat futures today.
Wheat: July SRW rose 28 cents to $6.57 3/4, near the daily high and hit a 14-month high. July HRW gained 27 cents to $7.02 1/4, near the daily high and hit a two-year high for the contract. September spring wheat futures rose 18 cents to $7.29 1/4. The HRW wheat futures markets today saw solid follow-through technical buying interest.
Cotton: July cotton futures rose 9 points to 79.67 cents, near mid-range. July cotton futures today saw mild profit-taking pressure early on but recovered those losses in late trading.
Cattle: June live cattle rose $4.55 to $253.50, near the session high and hit a contract and record high. May feeder cattle gained $4.275 to $371.725, near the daily high. The cattle futures markets saw a second straight session of very strong gains that put the bulls back in firm technical control.
Hogs: June lean hog futures fell $0.225 to $101.975, nearer the daily high. The lean hog futures market saw mild short covering and perceived bargain hunting early on today but gave up those mild gains to end the day.