Corn: December corn rose 16 1/4 cents to $4.57 3/4, nearer the daily high and hit a four-week high. The corn futures market today saw heavy fund short covering and fresh speculative and technical buying as prices have seen a bullish upside breakout from a congestion area at lower levels.
Soybeans: November soybeans rose 44 1/2 cents to $11.92 1/4, nearer the daily high and hit a five-week high. September soybean meal rose $8.10 to $311.20, nearer the daily high and hit a four-week high. September soybean oil rose 105 points to 67.39 cents, nearer the daily high. The soybean complex today saw spillover buying interest from the surge in corn futures prices. Also friendly for soybeans, China and the U.S. have agreed in principle to include agricultural products in a reciprocal tariff reduction framework following recent talks, China’s Ministry of Commerce said in a statement last Thursday.
Wheat: September SRW rose 14 1/4 cents to $6.14, near the daily high and hit a two-week high. September HRW gained 11 1/4 cents to $6.49 3/4, near the daily high and also hit a two-week high. September spring wheat futures rose 10 3/4 cents to $6.29 1/2. The winter wheat futures markets saw short covering and perceived bargain hunting today. The strong gains in corn and soybeans also spilled over into buying interest in wheat futures today.
Cotton: December cotton futures rose 118 points to 78.30 cents, nearer the daily high. Cotton futures saw short covering today and also some sympathy buying amid solid rallies in the grain futures markets today. Rallies in the U.S. stock indexes today were also a positive for the cotton market.
Cattle: August live cattle fell $0.125 to $239.10, near mid-range and hit a three-week low. August feeder cattle lost $0.125 to $360.50, nearer the daily high and also hit a three-week low. The cattle futures markets paused today as the bulls are trying to stop the bleeding but are not having much luck at present.
Hogs: August lean hog futures fell $0.225 to $98.525, near mid-range. The lean hog futures market today saw a pause following recent good gains that have produced a price uptrend on the daily bar chart.