Corn: December corn futures rose 2 1/4 cents to $4.07 3/4, nearer the daily high. The corn market with its recent price strength continues to show signs of putting in a near-term market bottom. Corn bulls got some help from the soybean futures market today, after President Trump called on China to buy more U.S. soybeans. Corn traders are awaiting Tuesday’s USDA supply and demand report for August.
Soybeans: November soybeans rose 23 3/4 cents to $10.11 1/4, nearer the daily high and hit a two-week high. September soybean meal rose $4.20 to $280.80, nearer the daily high and hit a four-week high. September soybean oil rose 48 points to 53.19 cents, near mid-range. The soybean complex got a presidential boost to start the trading week. In a Truth Social post Sunday, President Trump urged China to quadruple its soybean purchases ahead of the Aug. 12 truce deadline.
Wheat: December SRW wheat rose 1/2 cent to $5.35 1/2, nearer the daily low. December HRW wheat gained 1/4 cent to $5.37 1/2, near mid-range. December HRS fell 1 1/2 cent to $5.95 3/4. The winter wheat futures market bulls did not get much traction today from a solid rally in the soybean market and decent gains in corn futures. A stronger U.S. dollar index today did somewhat limit buying interest in wheat.
Cotton: December cotton rose 16 points to 66.76 cents, nearer the daily low. The cotton futures market saw some tepid short covering today after prices Friday hit a four-month low. Gains in cotton were limited by a stronger U.S. dollar index to start the trading week. A Bloomberg survey of analysts shows an average production estimate of 14.55 million bales, down just slightly from the July USDA report.
Cattle: August live cattle rose 52 1/2 cents to $233.075, nearer the session high. August feeder cattle gained 82 1/2 cents to $340.225, nearer the daily high. The live and feeder cattle futures markets bulls today at least stabilized prices after last Friday’s strong losses. Bulls appear to be exhausted from the record-setting price runs the past few months. Price action will be extra important Tuesday. Stronger selling pressure Tuesday would begin to suggest near-term market tops are in place.
Hogs: October lean hogs rose $1.10 to $91.775, nearer the daily high. August hog futures expire Thursday. After three straight sessions of price losses the lean hog futures bulls got in gear today, to keep alive the price uptrend in place on the daily bar chart. Stable cattle futures prices today, following their strong losses Friday, were also a positive element for the hog futures market,