Corn: September corn rallied 12 cents to $4.18, ending near the session high. Corn futures scored solid short-covering gains, in tandem with wheat and the soy complex, in a solid rebound from Tuesday’s contract low.
Soybeans: November soybeans closed 20 3/4 cents higher at $10.48. December meal futures rose $3.2 to $290.8. December bean oil surged 139 points to 55.07 cents. Soybean futures surged higher today in an impressive show of strength, negating the recent bearish consolidation pattern on the daily bar chart.
Wheat: December SRW wheat rose 14 3/4 cents to $5.84, near the session high. December HRW wheat rose 11 1/4 cents to $5.66, near the daily high. Spring wheat futures closed 20 1/2 cents higher at $6.49. The winter wheat futures bulls have had two sessions of decent, short-covering gains to give them fresh upside technical momentum to suggest some more upside is possible in the near term.
Cotton: December cotton futures closed 60 points higher at 68.63 cents, nearer session highs. Cotton futures saw modest strength today amid a U.S. trade deal with Vietnam but prices met stiff technical resistance.
Cattle: August live cattle rose $1.70 to $212.45, near the daily high. August feeder cattle rose $3.00 to $309.025, near the session high. The cattle futures market bulls continue to show resilience on price setbacks. Recent improved trader/investor risk appetite in the general marketplace is also supporting speculator buying interest in cattle futures.
Hogs: August lean hog futures settled 95 cents higher at $107.90. Hog futures rose on corrective buying today, supported by key technical support. Cash hog fundamentals continue to slip, which is likely to eventually weigh on hog futures, but sustained selling efforts were thwarted by strong technical support today.