Corn: December corn rallied 6 1/2 cents to $4.80 1/2, nearer the daily high. The corn futures market bulls needed to step up and show fresh strength after Monday’s beatdown—and they did just that to keep the price uptrend alive and keep the bulls confident.
Soybeans: November soybeans rose 6 1/4 cents to $12.20, nearer the daily high. September soybean meal gained $1.00 to $321.30, nearer the daily high. September soybean oil fell 71 points to 70.14 cents, nearer the daily low and hit a three-week low. The soybean futures market saw some short covering and perceived bargain buying today, after Monday’s solid selling pressure.
Wheat: September SRW rose 2 1/2 cents to $6.62 1/2, nearer the daily high. September HRW fell 2 3/4 cents to $7.26 1/4, nearer the daily low. September spring wheat futures fell 3 3/4 cents to $7.02 1/2. The winter wheat futures markets saw mixed trade that included mild follow-through technical selling in HRW and some mild short covering in SRW today, following Monday’s losses.
Cotton: December cotton futures fell 35 points to 80.53 cents, near mid-range. Cotton futures today saw some mild selling interest, but bulls are keeping alive a price uptrend on the daily bar chart.
Cattle: August live cattle rose $2.25 to $227.475, near mid-range and closed at a two-week high close. August feeder cattle gained $4.825 to $343.075, near mid-range. The cattle futures markets today saw decent rebounds from Monday’s selling pressure that was due in part to news USDA announced a coordinated, phased reopening of southern cattle ports.
Hogs: August lean hog futures rose $0.125 to $103.10, near mid-range and hit a nine-week high. The lean hog futures market saw mild technical buying today, with good gains in the cattle futures markets also spilling over into some buying interest in hogs.