Corn: July corn rose 6 1/2 cents to $4.61, the highest close since May 2. Corn extended gains for a third straight session, bolstered by followthrough strength in wheat futures and a fading U.S. dollar.
Soybeans: July soybeans rose 9 3/4 cents to $10.62 3/4, nearer the session high. July soybean meal rose $1.50 to $294.10, nearer the daily high. July soybean oil rose 33 points to 49.83 cents, nearer the daily low. The soybean futures market saw some chart-based buying today and were also helped by rallies in corn and winter wheat futures markets.
Wheat: uly SRW futures rose 3 1/4 cents to $5.49 1/4. July HRW wheat gained 4 1/4 cents to $5.40 1/2. Both markets closed near mid-range and well off their daily highs. July spring wheat futures rose 7 cents to $6.04 3/4. Wheat futures worked higher again today and challenged key technical resistance, marking gains in six out of the last seven sessions.
Cotton: July cotton fell 5 points to 66.07 cents, nearer the session high. The cotton futures market continues to languish in a choppy trading range.
Cattle: June live cattle rose 97.5 cents to $214.15, near session highs. Nearby live cattle eventually made a run at the 10-day moving average after facing resistance at the level in the past four sessions. Recent price coiling indicates a more profound move is on the horizon, with bulls certainly holding the advantage in a run at last week’s all-time high as they firmly grasp the near-term technical advantage amid supply driven fundamentals.
Hogs: June lean hog futures closed 50 cents lower at $99.525 and nearer session lows. June hogs saw some strength on this morning’s open but struggled to build on bullish momentum as pessimism over the summer outlook keeps traders wary of building premiums to the lean hog index.