Corn: December corn futures rose 5 3/4 cents to $4.07, near the daily high. The corn futures markets were supported today by short covering after December futures prices hit a contract low Wednesday, and on perceived bargain buying. There are growing notions that all the bearish fundamental news in the corn market—namely a bumper U.S. crop very likely to be forecast in next Tuesday’s monthly USDA supply and demand report—has been factored into futures prices. Stronger export demand for U.S. corn has also perked up the bulls.
Soybeans: November soybeans rose 9 1/4 cents to $9.93 3/4, near the daily high. September soybean meal rose $3.50 to $276.10, near the daily high. September soybean oil fell 22 points to 53.50 cents, near mid-range and hit a three-week low. The soybean and meal futures markets were supported today by short covering and by solid gains in corn and wheat futures. Short covering was featured today. Also, the bean bulls are starting to reckon a big U.S. soybean crop is now already baked into the cake for futures prices. Spreaders unwinding long soybean oil, short soybean meal spreads were also featured today.
Wheat: December SRW wheat rose 9 3/4 cents to $5.39, nearer the daily high. December HRW wheat rose 9 3/4 cents to $5.41 3/4, near the daily high. December spring wheat futures rose 2 3/4 cents to $5.95. The winter wheat futures markets today saw short covering after December SRW and HRW futures hit contract lows on Wednesday. Solid gains in corn and soybean futures today also supported the wheat markets bulls.
Cotton: December cotton fell 41 points to 66.43 cents, near the daily low. The cotton futures market saw selling pressure today due in part to a firmer U.S. dollar index, lower crude oil prices and a wobbly U.S. stock market. Trading remains choppy and sideways amid the summer doldrums.
Cattle: August live cattle rose $2.45 to $238.75, nearer the session high and hit another contract and record high. August feeder cattle rose $3.625 to $348.65, near the daily high and also hit another contract/record high. The cattle futures markets showed late-session price surges and continue to rack up contract/record highs amid rising boxed beef prices and still-elevated cash cattle prices. Live cattle futures traders this week have narrowed futures’ discounts to the cash cattle market.
Hogs: October lean hogs fell $1.05 to $90.925, nearer the daily low. August lean hog futures fell 10 cents to $108.775 and expire next Thursday. The lean hog futures market today saw profit-taking pressure following recent gains that pushed October futures to a three-week high Wednesday.