Corn: December corn futures rose 1 3/4 cents to $4.19 3/4 and near mid-range. The corn futures market saw more short covering today after hitting a contract low Monday.
Soybeans: August soybeans fell 6 cents to $9.95, the lowest close since April 7, while August meal fell $2.40 to $265.30. August soyoil rose 39 points to 54.56 cents. August futures held an inside range, with Monday’s low serving as initial support amid technically oversold conditions, though selling in meal continued to hover over the complex.
Wheat: December SRW wheat fell 3 1/2 cents to $5.58 3/4, near mid-range. The December HRW wheat gained 1/2 a cent to $5.46, also near mid-range. December spring wheat rose a penny to $6.24 1/2. Winter wheat futures saw purchasing at the open which was quickly followed by softening demand throughout the day, with SRW contracts falling a few cents for the day.
Cotton: December cotton rose 47 points to 68.59 cents, near mid-range and hit a two-week high. The cotton bulls are out of the gate in good fashion early this week.
Cattle: August live cattle rose $3.05 to $222.40, nearer the daily high. August feeder cattle rose $2.80 to $322.275, near the session high. The cattle futures markets bulls bounced right back today, after Monday’s profit-taking selling pressure.
Hogs: July lean hogs expired at $106.85, up 15 cents, while August futures rose 70 cents to $103.925. July lean hogs, which expired at noon and will be settled against the cash index on July 17, rose modestly, as traders looked to limit the futures’ discount to cash into expiration.