Corn: December corn futures climbed 5 1/4 cents to $3.96 and settled on session highs. Corn futures saw sustained buying pressure throughout today’s session, helped out by strong gains in the soybean complex.
Soybeans: November soybeans rose 15 1/2 cents to $9.92 1/2, near the session high and hit a nearly three-week high. December soybean meal closed up $2.60 at $310.90, near mid-range and hit a three-week high. December soybean oil rose 141 points to 42.13 cents, near the session high and hit a four-week high. The soy complex futures today saw short covering and perceived bargain hunting featured, led by a solid rally in soybean oil amid good gains in crude oil futures today.
Wheat: December SRW futures rallied 7 1/4 cents to $5.48 3/5 and closed near session highs. December HRW futures climbed 4 3/4 cents to $5.60 1/2, on session highs. December HRS futures rose 6 3/4 cents to $5.90 1/2. Wheat futures traded lower overnight though persistent strength in corn led wheat futures higher throughout today’s session.
Cotton: Cotton futures posted an impressive rebound from Wednesday’s losses, with most-active December futures surging 137 cents to 69.92 cents. Cotton bulls may face “a hard row to hoe” in the coming weeks, especially with the Southern Plains likely to be blessed with significant rainfall in the days just ahead.
Cattle: October live cattle fell 72 1/2 cents to $177.90 and nearer the session low. October feeder cattle closed down $1.90 at $236.675 and nearer the daily low. The cattle futures markets today saw chart-based selling from the speculators featured as technicals favor the bears.
Hogs: After opening weakly, hog futures edged higher again Thursday. Nearby October futures rose 50 cents to $82.175. Both cash hog and wholesale pork prices are declining this week.