Corn: July corn futures rose 7 cents to $4.54 1/2, near the session high and at a two-week high close. The corn futures bulls have come back to life despite price-bearish weather in most of the Corn Belt. Risk-off attitudes in the general marketplace so far this week have not deterred the corn bulls.
Soybeans: July soybeans rose 2 1/4 cents to $10.53, ending near mid-range, while July soymeal rose $1.50 to $292.60. July soyoil rose a modest 6 points to 49.50 cents. Soybeans continued to edge sideways in consolidative trade, with solid technical support at the near convergence of the 100- and 200-day moving averages.
Wheat: July SRW futures surged 17 cents higher to $5.46 today and closed near session highs. July HRW futures climbed 13 1/2 cents to $5.36 1/4, near session highs. July spring wheat futures rose 12 1/4 cents to $5.97 3/4. Wheat futures posted impressive strength today, pushing to fresh highs amid deteriorating crop conditions. USDA rated the U.S. winter wheat crop at 52% “good” to “excellent” and 18% “poor” to “very poor.”
Cotton: July cotton rose 48 points to 66.12 cents and forged a high-range close. Cotton futures firmed in tandem with the grain complex, with support from a weaker U.S. dollar and lagging planting efforts.
Cattle: June live cattle futures climbed 20 cents to $213.175 and closed near mid-range. August feeder cattle inched 2.5 cents higher to $297.50. Live cattle futures saw modest gains for the third consecutive session as prices continue to trade in last Thursday’s range, still well off last week’s highs.
Hogs: June lean hogs rose 77 1/2 cents to $100.025, near the daily high. Trading in the lean hog futures market continues overall choppy and sideways.