Corn: December corn futures rose 6 1/4 cents to $4.29 1/2, nearer the daily high and hit a 10-week high. After Monday’s price pressure in corn, the bulls needed a “Turnaround Tuesday” to revive their momentum—and they got just that.
Soybeans: November soybeans rose 7 cents to $10.49 3/4, nearer the session high and hit a three-week high. December soybean meal rose 40 cents to $286.10, nearer the daily high. December soybean oil rose 94 points to 53.20 cents, nearer the daily high and hit a three-week high. The soybean futures market today rebounded from Monday’s price pressure on news the U.S. and China made good progress on high-level trade talks in Madrid, Spain.
Wheat: December SRW wheat rose 9 cents to $5.34, near the session high and hit a two-week high. December HRW gained 9 1/2 cents to $5.23 1/2, near the session high and hit a three-week high. December spring wheat futures rose 4 3/4 cents to $5.76 1/2. The winter wheat futures markets rallied today on short covering and perceived bargain hunting, as well as being supported by good gains in corn and soybean futures.
Cotton: December cotton rose 84 points to 67.68 cents, near the daily high and hit a three-week high. More short covering and perceived bargain buying were featured in the cotton futures market today. A drop in the U.S. dollar index to a seven-week low today, as well as gains in crude oil futures today, were bullish outside-market elements for the cotton market.
Cattle: October live cattle fell $1.15 to $233.45. September feeder cattle lost 47 1/2 cents to $358.325. Both markets closed near mid-range. The cattle market faded today as bulls could not show important follow-through price strength after good gains posted Monday.
Hogs: October lean hogs fell 15 cents to $97.375, near the session low after scoring a contract high early on today. Profit taking from the speculators was featured in the lean hog futures market today.