Corn: May corn rose 3 1/4 cents to $4.41, nearer the session high. Corn futures deepened gains into the noon hour as selling in soybeans eased.
Soybeans: May soybean futures slipped 3 1/4 cents to $11.62 3/4, though deferred contracts posted gains. May meal futures fell $2.10 to $343.90, settling near mid-range. May bean oil futures firmed 16 points to 44.82 cents and near session highs. Soybeans continue to lag behind strength seen in the grain markets, though prices closed well off session lows today.
Wheat: July SRW wheat rose 7 1/2 cents to $6.20 1/2, near the session high and hit another 10-week high. July HRW wheat gained 10 1/2 cents to $6.40 1/2, near the session high and hit another three-month high. July spring wheat futures rallied 12 3/4 cents to $6.98 1/4, closing near session highs. The winter wheat futures bulls kept their foot on the gas today on fresh technical buying and likely some more fund short covering.
Cotton: July cotton futures firmed 7 points to 81.08 cents and settled near mid-range. Cotton futures continue to consolidate near recent lows, trading on both sides of unchanged today.
Cattle: June live cattle rose $2.55 to $177.80. May feeder cattle futures gained $2.15 at $246.25. Prices closed near their session highs today. The live and feeder cattle futures markets rebounded smartly from Wednesday’s losses and the bulls are having a good week.
Hogs: Hog futures slumped in the wake of Wednesday’s USDA Cold Storage report. June hog futures dove $2.45 to $105.00. Wednesday’s USDA Cold Storage Report proved surprisingly bearish for the hog outlook, due primarily to the rise in stockpiles, whereas a reduction often occurs during March.