Corn: December corn rose 1 1/4 cents to $5.37 3/4, near mid-range and hit a contract and three-year high overnight. The corn futures market paused today, with gains limited by steady soybean prices and solidly lower winter wheat futures prices. The charts remain firmly bullish and the fundamental picture is also price-friendly.
Soybeans: November soybeans closed steady at $12.88, nearer the daily high and hit another contract high and 2.5-year high. December soybean meal fell $3.60 to $345.40, near mid-range. December soybean oil rose 6 points to 71.12 cents, nearer the daily high. The soybean market paused today amid a steep price uptrend in place on the daily bar chart. Gains were limited today by only slight gains in corn and solid losses in winter wheat prices today.
Wheat: December SRW lost 10 cents to $7.74, nearer the daily high. December HRW fell 6 1/4 cents to $8.38, nearer the daily high. December spring wheat futures fell 6 1/4 cents to $7.63. The wheat futures markets today saw profit-taking pressure from the shorter-term futures traders amid what is so far just a routine downside price correction in the existing uptrends. The late-session push in prices to well up from daily lows was impressive.
Cotton: December cotton futures rose 176 points to 93.14 cents, nearer the daily high and hit a contract and 2.5-year high. Cotton futures today saw more speculator buying amid bullish charts and price-friendly cotton-growing weather in much of the southern Plains. Sharply higher crude oil prices and a lower U.S. dollar index today were bullish outside-market elements for the natural fiber.
Cattle: October live cattle rose $0.95 to $212.675, near mid-range. November feeder cattle rose $0.50 to $310.425, nearer the daily low. October live cattle and November feeder futures today saw more short-covering buying and corrective rebounds after both markets hit eight-month lows last week. Gains were limited by cash cattle trading last week at solidly lower money. USDA today announced a new “Ranchers First Initiative” in an attempt to address the financial risk of retaining breeding heifers. The new Beef Retention and National Development is termed BRAND. Detailshere.
Hogs: October lean hog futures rose $1.775 to $83.675, nearer the daily high and hit a three-week high. The lean hog futures market saw more short covering and perceived bargain buying today as the charts are starting to suggest the market has bottomed out. A price downtrend on the daily bar chart was negated today. Stabilization in the cattle futures markets the past three sessions has also benefitted the lean hog futures bulls.