Corn: May corn rose 4 1/4 cents to $4.55 3/4, ending nearer the session high. Corn futures were able to post modest corrective gains at midweek as pressure from a plummeting crude oil market was somewhat negated by a diving U.S. dollar.
Soybeans: May soybeans rose 12 3/4 cents to $10.11 3/4, nearer the daily high. May soybean meal rose $6.30 to $299.80 and nearer the daily high. May soybean oil rose 15 points to 42.99 cents, nearer the session high and hit a four-week low early on. The soybean complex futures markets today saw short covering and corrective buying interest following recent solid losses.
Wheat: May SRW wheat rose 11 1/2 cents to $5.48 1/4, while HRW wheat closed up 8 1/2 cents at $5.57, each closing nearer session highs. May HRS futures rose 8 cents to $5.88. Wheat futures notched short-covering gains compliments of a plunging U.S. dollar.
Cotton: May cotton rose 43 points to 63.67 cents and nearer the session high. The cotton futures market today saw tepid short covering after recent strong selling pressure pushed prices to a contract low on Tuesday.
Cattle: The cattle and feeder complex posted big gains again Wednesday. April live cattle surged $1.90 to $196.55, while most-active April feeder futures jumped $3.575 to $276.075. The fed cattle market continued its bullish reversal begun early this week, with the move likely reflecting growing anticipation of a seasonal rebound from the late-February breakdown.
Hogs: April lean hogs surged $2.35 to $84.70 and settled nearer session highs. Lean hog futures gapped higher on this morning’s open and saw followthrough strength throughout today’s session.