Corn: March corn futures rose 3 3/4 cents to $4.31 1/4, near the daily high. The corn futures market saw a corrective bounce today, also supported by the solid rally in the winter wheat futures markets.
Soybeans: March soybeans gained 13 1/4 cents to $11.37 1/4, nearer the daily high and hit a 2.5-month high. March soybean meal gained $4.90 to $307.90, near the session high and hit a seven-week high. March soybean oil rose 49 points to 57.54, nearer the session high and hit another contract high. The soybean, meal and bean oil markets today saw fresh buying interest after a report on a potential extended trade truce between the U.S. and China fueled hopes for additional purchases of American agricultural products, including soybeans.
Wheat: March SRW rose 15 1/4 cents to $5.52 1/2, near the daily high and hit a 2.5-month high. March HRW gained 15 1/2 cents to $5.54, near the session high and hit a six-month high. March spring wheat futures rose 7 1/4 cents to $5.77 1/2, nearer the daily high. The winter wheat futures markets today saw solid technical buying as price uptrends on the daily bar charts were confirmed.
Cotton: March cotton rose 30 points to 62.29 cents, nearer the daily high. The cotton futures market today saw some short covering. Gains in the grain markets also provided some support to the fiber.
Cattle: April live cattle fell 32 1/2 cents to $240.65, nearer the daily high. March feeder cattle lost $1.725 to $365.725, near mid-range. The cattle futures markets saw some corrective selling and profit taking after Wednesday’s gains.
Hogs: April lean hog futures fell $2.025 to $91.825, nearer the session low and hit a four-week low. Lean hog futures today saw heavy profit-taking and technical selling pressure from the shorter-term traders.