Corn: December corn futures rose 3 3/4 cents to $4.35 1/4, near the daily high and closed at a four-month-high close. The corn futures market today saw fresh chart-based buying from the speculators as the near-term technical posture for corn is bullish, amid a price uptrend in place on the daily bar chart.
Soybeans: January soybeans rose 12 3/4 cents to $11.34 1/4, nearer the session high and hit a 16-month high. December soybean meal gained $7.40 to $324.80, nearer the daily high and closed at a nine-month high close. December soybean oil rose 16 points to 49.69 cents, nearer the daily high. January soybeans today saw a quick recovery from Tuesday’s selling pressure, which suggests the market is still technically strong amid the steep price uptrend in place on the daily bar chart.
Wheat: December SRW rose 4 1/2 cents to $5.54 3/4, near the daily high and hit another three-month high. December HRW gained 3 1/2 cents to $5.40, near the daily high and hit a 2.5-month high. December Spring wheat futures fell 1 1/4 cents to $5.56, about mid-range. Winter wheat markets saw chart-based buying interest from the speculators today.
Cotton: December cotton rose 3 points to 65.23 cents, near mid-range. December cotton futures today saw some chart consolidation amid more choppy trading.
Cattle: December live cattle fell the $7.25 daily limit to $220.525 and hit a 3.5-month low. January feeder cattle fell the daily trading limit of $9.25 to $319.975 and hit a three-month low. Daily trading limits will be expanded Thursday. The live and feeder cattle futures markets today saw heavy technical selling pressure before locking down the daily trading limit.
Hogs: December lean hogs rose 67 1/2 cents to $80.60, near mid-range. The lean hog futures market today saw short covering and perceived bargain hunting after prices Tuesday hit a 3.5-month low.