Corn: July corn futures rose 7 1/4 cents to $4.21, nearer the daily high. The corn futures market today saw good short covering and perceived bargain hunting from the speculators. Still, very good overall corn-growing weather in the U.S. at present may limit further upside in corn.
Soybeans: July soybeans rose 2 cents to $11.32, near mid-range and hit a two-week high. July soybean meal closed steady at $304.80, nearer the daily low. July soybean oil fell 138 points to 71.54 cents, nearer the daily low and hit a six-week low. The soybean market saw a third session in a row of prices gains, which begin to suggest a near-term market bottom is in place. USDA this morning reported daily sales of 372,000 MT of U.S. soybeans to unknown destinations.
Wheat: July SRW rose 16 3/4 cents to $6.12 3/4, nearer the daily high and hit a three-week high. July HRW gained 18 3/4 cents to $6.52 1/2, near the daily high and hit a three-week high. September spring wheat futures rose 13 1/4 to $6.48 1/4, nearer the daily high. The winter wheat futures markets saw solid short covering and some fresh technical buying today, as price downtrends on the daily bar charts have been negated and prices are now starting to trend up, to suggest the bears are exhausted and that near-term market bottoms are now in place.
Cotton: July cotton futures rose 189 points to 76.90 cents, nearer the daily high and hit a three-week high. Cotton futures bulls are back in business at mid-week. Heavy short covering and perceived bargain hunting were featured today.
Cattle: August live cattle fell $0.35 to $248.85, near mid-range and hit a four-week high early on. August feeder cattle rose $0.55 to $367.425, nearer the session high. The live cattle futures markets saw a mild downside correction and feeders a pause today, following recent good gains.
Hogs: August lean hog futures rose $1.45 to $96.50, near the daily high. The lean hog futures market today saw short covering. The near-term technicals remain firmly bearish amid a price downtrend in place on the daily bar chart. The market is still due for more of a corrective bounce.