Corn: May corn futures rose 6 1/2 cents to $4.69 3/4, near the daily high and closed at a 10-month high close. The corn futures market today saw more technical buying as the near-term technical posture firmly favors the bulls amid a price uptrend in place on the daily bar chart.
Soybeans: May soybeans rose 6 3/4 cents to $11.68 1/2, near the daily high. May soybean meal gained $10.80 to $332.50, nearer the daily high and hit a 3.5-month high. May soybean oil fell 12 points to 65.41, nearer the daily low. The soybean futures today saw modest gains due mainly to big gains in meal.
Wheat: May SRW rose 3 3/4 cents to $6.08, near mid-range. May HRW rose 1 1/4 cents to $6.27 1/4, nearer the daily high. Spring wheat futures rose 6 1/2 cents to $6.43 3/4. The winter wheat futures markets saw some mild follow-through buying from Wednesday’s solid gains.
Cotton: May cotton futures fell 103 points to 67.67 cents, near the session low. The cotton futures market today saw heavy profit-taking pressure and weak long liquidation following this week’s gains.
Cattle: April live cattle fell $2.125 to $233.275, nearer the daily low. March feeder cattle lost $3.45 to $355.275, nearer the daily low. The cattle futures markets today saw modest downside price corrections following recent gains.
Hogs: April lean hog futures rose $0.025 to $93.75, near mid-range. Lean hog futures this week are pausing as bulls work to stabilize the market after recent selling pressure.
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