Corn: December corn futures rose 3 1/4 cents to $4.20 3/4, nearer the session high. The corn futures bulls are getting a little upside traction late this week and have at least appeared to stabilize prices after an early-week downturn. Short covering and perceived bargain hunting were featured today.
Soybeans: November soybeans rose 1 1/2 cents to $10.24 1/4 and near mid-range. September soybean meal fell $2.30 to $273.90, nearer the daily low. September soybean oil rose 53 points to 56.47 cents, near the daily high and closed at an 11-month high close.
The soybean market is languishing late this week, as the soybean meal futures market bulls struggle and cannot seem to get out of their own way.
Wheat: Mild technical selling was featured early on in the winter wheat futures markets today, but some short covering and perceived bargain buying from the speculators surfaced in late trading to lift prices up from their daily lows.
Cotton: December cotton rose 47 points to 68.71 cents, nearer the daily high. The cotton market saw some technical buying featured today as the bulls are working on a price uptrend on the daily bar chart.
Cattle: August live cattle fell $1.225 to $225.80, near mid-range. August feeder cattle lost $2.625 to $328.90, near mid-range. The cattle futures markets today saw routine profit-taking pressure after hitting contract/record highs on Wednesday.
Hogs: August lean hogs fell 27 1/2 cents to $108.20, nearer the daily low and hit a three-week high early on. The lean hog futures market today saw some mild profit taking after seeing a steady climb from the mid-July low. Technicals that are becoming more bullish and lean hog futures’ discount to cash hog index limited selling interest today.