Corn: July corn rose 1/4 cent to $4.38 3/4, ending near the session low. Corn futures were able to mildly extend Tuesday’s modest strength, bolstered by seemingly decided gains in both the soy complex and wheat futures as global production woes have resurfaced.
Soybeans: July soybeans rose 4 1/4 cents to $10.45, near mid-range. July soybean meal rose $2.60 to $297.10, nearer the daily high. July soybean oil closed steady at 46.81 cents, nearer the daily low. Soybeans and meal saw some short-covering buying today, led by strength in meal.
Wheat: July SRW futures climbed 7 1/4 cents to $5.43 1/4 and closed nearer session highs. July HRW futures firmed 3 3/4 cents to $5.40 1/2, near mid-range. July HRS futures climbed 5 1/2 cents to $6.23 1/2. Winter wheat posted impressive gains today, breaking above downtrend technical resistance and posting a bullish breakout that will need to be confirmed by followthrough strength later this week.
Cotton: July cotton fell 106 points to 64.99 cents, nearer the session low. The cotton futures market continues to languish at lower price levels amid sideways and choppy trading.
Cattle: June live cattle surged $2.425 to $218.40, while August futures rose $2.60 to $212.35. August feeders jumped $2.65 to $303.875. Cattle futures edged higher, as technical support and hefty discounts to cash continue to curb any profound selling interest at present.
Hogs: August lean hogs surged $1.05 to $107.50, while nearby June futures fell a quarter to $99.975. Hog futures continue to grind higher amid ongoing cash market strength. Summer futures are building premiums over the cash market as traders have been encouraged in seeing cash fundamentals at the highest levels since August 2023.