Corn: December corn rose 20 1/4 cents to $4.80 3/4, near the daily high and hit a two-week high. The corn futures market got a bullish USDA supply and demand report today. A solid rally in the wheat markets also spilled over into better buying interest in corn futures. A full detailed breakdown on the report is available here.
Soybeans: November soybeans gained 14 1/2 cents to $11.83 1/4, near mid-range and hit a two-week high. September soybean meal rose $3.50 to $308.50, near mid-range. September soybean oil rose 59 points to 69.16 cents, near the daily high. The soybean market got a boost from a price-friendly USDA supply and demand report today. USDA’s first survey-based soybean estimate increased 44 million bu. from July and was 41 million bu. higher than analysts expected. Yields are expected to average 52.7 bushels per acre, down 0.3 bushels from 2025.
Wheat: September SRW rallied 22 1/2 cents to $6.52 3/4, nearer the daily high and hit a two-week high. September HRW rose 21 1/2 cents to $7.20 3/4, nearer the daily high. Spring wheat futures rose 13 3/4 cents to $6.73, nearer the daily high. The winter wheat futures markets saw short covering and perceived bargain hunting today, following news overnight that three grain terminals in Russia’s Black Sea port of Novorossiysk were damaged in a massive overnight drone attack, as Ukraine escalated strikes on key maritime infrastructure, said a Bloomberg report.
Cotton: December cotton futures lost 1 point to 84.38 cents, near mid-range after hitting a three-month high early on. Cotton futures today sold off following the monthly USDA supply and demand report but then rebounded in late trading as the grain futures markets rallied.
Cattle: October live cattle fell $2.525 to $223.80, nearer the daily low. September feeder cattle lost $5.90 to $339.35, nearer the daily low and hit a two-week low. October live cattle and September feeder futures today saw fresh technical selling pressure today, as near-term price uptrends on the daily charts were negated, which reinvigorated the bears. Cattle futures bulls got no help today from higher cash cattle trading that occurred last week.
Hogs: October lean hog futures gained $0.225 to $83.55, near mid-range. The lean hog futures market saw modest short covering today as trading has turned choppy the past few sessions. The October contract remains in a price downtrend on the daily bar chart. The cash hog market is still trending down, which may limit further upside in futures in the near term.