Corn: May corn futures rose 3 1/2 cents to $4.42, near the daily high. The corn futures market today saw short covering and fresh buying interest amid gains in soybeans and a surge in soybean meal futures.
Soybeans: May soybeans rose 9 3/4 cents to $11.65, near the session high and hit a three-month high. May soybean meal rose $7.40 to $321.80, near the daily high and hit a 2.5-month high. May soybean oil rose 17 points to 60.67, nearer the daily high and hit another contract high early on. The soybean and meal futures market today saw more technical buying from the chart-based speculators, with the meal surging due in part to spreaders unwinding short meal, long bean oil spreads.
Wheat: May SRW fell 3 1/2 cents to $5.69 3/4, near mid-range. May HRW lost 2 3/4 cents to $5.64 1/4, near mid-range. May spring wheat futures rose 1 1/2 cents to $5.97, nearer the daily high. The winter wheat futures markets today saw more profit-taking pressure.
Cotton: May cotton rose 61 points to 66.17 cents, nearer the daily high and hit a five-week high. The cotton futures market today saw more short covering and perceived bargain hunting amid a price uptrend in place on the daily bar chart.
Cattle: April live cattle rose $1.175 to $240.275, near mid-range. March feeder cattle gained $1.20 to $366.30, near mid-range. The cattle futures markets bulls today did what they’ve done several times the past few months: show resilience and strength on price pullbacks, to keep price uptrends alive and keep their technical edge.
Hogs: April lean hog futures rose 40 cents to $95.20, nearer the daily high and hit a two-week high. Lean hog futures today saw more technical buying and perceived bargain hunting following the mid-February price downdraft.