Corn: July corn futures rose 4 cents to $4.75 1/4, nearer the daily high. The corn futures market saw more short covering and perceived bargain hunting today as the near-term technical posture is improving.
Soybeans: July soybeans rose 5 cents to $12.13, near mid-range. July soybean meal rose $5.10 to $324.80, nearer the daily high and hit a two-week high. July soybean oil lost 58 points to 73.74 cents, nearer the daily high low. The soybean market today saw some technical buying amid an improved near-term chart posture.
Wheat: July SRW rose 15 cents to $6.34, near the daily high. July HRW gained 10 1/2 cents to $6.86 1/4, nearer the daily high. July spring wheat futures gained 8 cents to $6.86 1/2. The winter wheat futures markets today saw perceived value buying and some short covering following recent price pressure.
Cotton: July cotton futures rose 304 points to 87.77 cents, near the daily high and hit a contract high. Cotton futures bulls once again stepped hard on the gas to start the trading week.
Cattle: June live cattle rose $0.50 to $249.40, near the daily high after hitting a two-week low early on. August feeder cattle lost $1.925 to $362.30, near mid-range and hit a two-week low. The live cattle futures market saw mild profit-taking pressure early on today but rebounded late on the news of the solidly higher cash cattle trading price average last week.
Hogs: June lean hog futures rose $1.60 to $100.225, nearer the daily high. The lean hog futures market saw short covering in a bear market today. The near-term technical posture for June hogs remains bearish as prices are in a downtrend on the daily bar chart.