Corn: July corn futures rose 1 3/4 cents to $4.62, nearer the daily high and hit a two-week high. The corn futures market saw buying support today from the rallying winter wheat futures markets, and from gains in soybeans.
Soybeans: July soybeans rose 8 1/2 cents to $11.90 1/4, nearer the daily high. July soybean meal closed steady at $321.20, nearer the daily low. July soybean oil rose 235 points to 71.65 cents, nearer the daily high and hit a contract high. The soybean market saw support today from surging soybean oil prices, which were boosted by a solid rally in the crude oil market. Shorter-term traders today were again featured buying soybean oil and selling meal futures.
Wheat: July SRW rose 6 3/4 cents to $6.12 3/4, near the session high. July HRW gained 8 1/4 cents to $6.55 3/4, near the daily high. September spring wheat rose 11 1/2 cents to $6.98 1/2. The winter wheat futures markets saw still more technical buying interest amid a weather market that has developed in HRW futures.
Cotton: July cotton futures rose 82 points to 80.86 cents, near the daily high and hit another two-year high. The cotton futures market saw more technical buying featured today. A rally in crude oil futures was also price-friendly for the cotton market today.
Cattle: June live cattle fell $2.525 to $243.55, nearer the daily low and hit a nearly three-week low. May feeder cattle fell $2.55 to $358.55, nearer the daily low and hit a three-week low. The cattle futures markets today saw more technical selling pressure after recent losses have produced near-term chart damage.
Hogs: June lean hog futures rose $1.475 to $103.20, near mid-range. The lean hog futures market saw a solid short-covering and perceived bargain-hunting bounce today, after prices last Friday hit a four-month low.