Corn: March corn futures rose 7 cents to $4.44 1/2, near the session high after hitting a two-week low early on. The corn futures market saw short covering and perceived bargain hunting today as prices overnight closed in on strong near-term technical support and then reversed course to push higher.
Soybeans: March soybeans rose 16 1/4 cents to $10.62 and near the daily high. March soybean meal rose $3.90 to $299.90, nearer the daily high. March soybean oil rose 57 points to 49.87 cents, near the daily high and hit a two-week high. The soybean complex futures today saw short covering and perceived bargain hunting after soybean and meal futures late last week became technically oversold and due for at least a corrective bounce.
Wheat: March SRW rose 6 cents to $5.12 1/2, nearer the daily high. March HRW gained 5 3/4 cents to $5.20 3/4, near mid-range. March spring wheat futures rose 1/2 cent to $5.71 1/4. The winter wheat futures markets saw short covering and perceived value-buying today as prices hover not far above their contract lows.
Cotton: March cotton rose 64 points to 64.65 cents, nearer the daily high and closed at a four-week high close. Cotton futures today saw short covering and perceived bargain hunting.
Cattle: February live cattle fell 12 1/2 cents to $235.875, near mid-range after hitting a 10-week high early on. March feeder cattle gained $2.875 to $358.975, nearer the session high and hit a 10-week high. The live cattle futures market today saw a minor pause following solid gains posted late last week.
Hogs: February lean hog futures rose $2.05 to $86.15, nearer the session high and hit a 2.5-month high. Lean hog futures today saw a resumption of solid technical buying as prices are in an uptrend on the daily bar chart.