Corn: December corn futures rose 3/4 cent to $4.23 1/4, nearer the daily high and closed at a three-week high close. The corn futures market paused to start the trading week, following two sessions of decent price gains.
Soybeans: November soybeans rose 12 1/4 cents to $10.31 3/4, nearer the daily high and hit a four-week high. December soybean meal rose $4.00 to $285.00, near the daily high and also hit a four-week high. December soybean oil rose 18 points to 51.31 cents, nearer the daily high. The soybean and meal markets today saw good buying support as it appears the U.S. and China are trying to ratchet down their trade tensions ahead of next week’s summit meeting in Asia between Presidents Trump and Xi.
Wheat: December SRW rose 1 cent to $5.04 3/4, nearer the session high. December HRW lost 1 1/2 cents to $4.90, nearer the daily low. December spring wheat futures were unchanged at $5.48 1/2. The winter wheat futures markets need a dose of fresh, bullish fundamental news to pull out of their tailspins.
Cotton: December cotton fell 12 points to 64.16 cents, near the daily low. December cotton futures today paused after decent gains posted Friday that continued to suggest the bears are exhausted and that a near-term market bottom could be in place.
Cattle: December live cattle rose $1.825 to $243.65, near mid-range. November feeder cattle rose 97 1/2 cents to $372.675, nearer the daily high. The live and feeder cattle futures markets bulls stabilized prices today following last Friday’s shellacking that came after President Trump said he is working on lowering beef prices.
Hogs: December lean hogs fell 30 cents to $82.075, nearer the daily low and closed at a nearly two-month low close. Bearish near-term technicals and still-declining cash hog prices are limiting buying interest in futures, despite December futures’ discount to the cash market.