Corn: December corn rose 3 cents to $5.33 1/4, nearer the daily high. The corn futures market saw some buying support from the potential for lingering rains and flooding in central Iowa that could cause some early-harvest delays.
Soybeans: November soybeans rose 7 3/4 cents to $13.04 1/4, nearer the daily high. December soybean meal rose $3.40 to $356.20, nearer the daily high and hit a two-year high for the contract. December soybean oil gained 51 points to 70.19 cents, near mid-range. The soybean and meal markets today saw corrective bounces and some fresh technical buying as both markets remain in price uptrends.
Wheat: December SRW fell 3 1/4 cents to $7.22, near mid-range and hit a three-week low. December HRW lost 6 cents to $7.92 1/2, near mid-range. Spring wheat futures slid 9 1/4 cents to $7.35 3/4. Wheat may be seeing selling pressure from reports President Trump has urged Russia and Ukraine to stop attacking each other’s energy infrastructure, with Trump claiming both sides have agreed on the matter.
Cotton: December cotton futures fell 151 points to 84.55 cents, near the daily low and hit a four-week low today. Cotton futures saw more technical selling today. A weaker U.S. stock market and stronger U.S. dollar index today were bearish outside-market elements for the cotton market.
Hogs: October lean hog futures fell $1.925 to $79.60, nearer the daily low and hit a 15-month low. The lean hog futures market saw heavy technical selling pressure, as well as weak long liquidation. The near-term chart posture has quickly changed from price-friendly to outright bearish.
Cattle: October live cattle rose $2.575 to $222.25, nearer the daily high and hit a four-week high. November feeder cattle rose $4.60 to $332.775, nearer the daily high and hit a five-week high. The live cattle futures market today saw follow-through chart-based buying from last week’s gains that did produce technically bullish weekly high closes on Friday.