Corn: December corn futures rose 8 1/4 cents to $4.43, near the daily high after hitting a contract low early on. The corn futures market today saw short covering and perceived bargain hunting. A weaker U.S. dollar index today also worked in favor of the corn market bulls.
Soybeans: November soybeans rose 22 cents to $11.57, near the daily high. September soybean meal rose $4.60 to $303.60, near the daily high. September soybean oil gained 131 points to 68.58 cents, near the daily high. The soybean and meal markets today saw short covering, perceived bargain buying and some position evening ahead of next Tuesday’s USDA planted acreage and quarterly grain stocks data.
Wheat: December SRW rose 5 1/2 cents to $6.18 1/4, near the daily high. December HRW gained 5 cents to $6.45 3/4, near the daily high and hit a nine-week low early on. September spring wheat futures fell 1 3/4 cents to $6.15. The winter wheat futures markets saw short covering today, with buying interest also spurred by rallies in the corn and soybean markets.
Cotton: December cotton futures rose 71 points to 76.97 cents, near mid-range. Cotton futures saw a corrective bounce today. A weaker U.S. dollar index today and firmer WTI crude oil prices also supported the cotton bulls.
Cattle: August live cattle rose $0.70 to $247.225, near mid-range. August feeder cattle gained $0.375 to $373.30, nearer the daily low and hit a six-week high early on. The cattle futures markets today saw mild technical buying amid ongoing concerns about reduced beef supplies coming out of Texas due to the NWS detections in the state.
Hogs: August lean hog futures fell $0.10 to $96.60, nearer the daily high. The lean hog futures market today saw a pause and very mild technical selling. Decent price gains Friday and a technically bullish weekly high close would negate the price downtrend to suggest a market bottom is in place.