Corn: December corn rose 15 1/2 cents to $5.43, near the daily high. The corn futures market saw solid gains amid general optimism ahead of President Trump and President Xi’s meeting in Washington, D.C., this week and strong U.S. export inspections.
Soybeans: November soybeans gained 24 1/2 cents to $13.28, near the daily high. December soybean meal rose $9.80 to $368.40, near the daily high. December soybean oil rose 63 points to 68.85 cents, nearer the daily high and hit a three-week low early on. The soybean complex markets saw solid speculator buying interest today following weekend reports that China was buying more U.S. soybeans ahead of this week’s summit meeting between Presidents Trump and Xi. Preliminary discussions between the U.S. and China lean optimistic, reports said. Soybean meal prices bounced back smartly today, following Friday’s downdraft, which also encouraged the soybean bulls.
Wheat: December SRW rose 12 1/2 cents to $7.26 3/4, nearer the daily high. December HRW gained 10 3/4 cents to $7.94 1/2, nearer the session high. December spring wheat futures rose 5 cents to $7.46 1/4, near mid-range for the day. The winter wheat futures markets saw short covering and perceived bargain hunting from the specs today. Buying interest was fueled in part by solid gains and corn and soybeans and by the Russia-Ukraine war still running hot. A Moscow oil refinery was hit during drone attacks that were part of the largest overnight Ukrainian barrage this year.
Cotton: December cotton futures rose 227 points to 83.42 cents, nearer the session high. Cotton futures saw short covering from the speculators today, after prices last Friday hit a five-week low. Solid gains in the grain markets and the U.S. stock indexes also spilled over into better buying interest in cotton futures.
Cattle: October live cattle rose $5.025 to $220.95, near the daily high. November feeder cattle gained $8.10 to $326.10, near the session high. The live and feeder cattle futures markets today saw solid buying interest following last Friday afternoon’s bullish USDA monthly cattle-on-feed report that showed record-low placements.
Hogs: October lean hog futures rose $0.05 to $78.15, nearer the daily low. The lean hog futures market saw tepid short covering for much of the session today, following the recent steep price downdraft that saw prices hit a 15-month low Friday. Bulls are still on shaky technical ground, as evidenced by today’s low-range close that saw most of the early gains given up.