Corn: December corn futures rose 4 1/2 cents to $4.26 1/4, near the daily high. The corn market bulls once again showed power just when they had to do so, to keep alive a price uptrend on the daily bar chart.
Soybeans: November soybeans rose 1 cent to $10.12, near mid-range hit a six-week low early on. December soybean meal fell $2.80 to $277.30, nearer the daily low and hit a seven-week low. December soybean oil rose 19 points to 49.88 cents, nearer the daily high and hit a three-month low early on. The soybean complex bulls are trying to stabilize prices early this week, following a news report from Reuters that Chinese buyers booked at least 10 cargoes of Argentine soybeans after that nation on Monday dropped its grain export taxes to raise dollars.
Wheat: December SRW wheat rose 9 3/4 cents to $5.20 1/2, near the session high and hit a contract low early on. December HRW gained 9 1/4 cents to $5.11 1/2, near the daily high. December spring wheat futures rose 3 3/4 cents to $5.67 3/4. The winter wheat futures markets today saw short covering after this week scoring new contract lows.
Cotton: December cotton rose 42 points to 66.64 cents, near mid-range and hit a two-week low early on. The cotton futures market saw short covering today and was also supported by gains in corn and wheat futures.
Cattle: October live cattle fell $1.55 to $235.60, nearer the daily low. November feeder cattle rose 85 cents to $360.75, near mid-range and hit a three-week high. The live cattle futures market today saw some corrective selling and chart consolidation following Monday’s good gains. Feeder cattle futures saw decent follow-through buying strength following Monday’s near-limit gains.
Hogs: October lean hogs rose $1.725 to $100.525, near the daily high and hit another contract high. The lean hog futures market was boosted again today by follow-through gains in the cattle futures and a rebound this week in fresh pork prices.