Corn: March corn futures rose 7 1/4 cents to $4.49, near the session high and hit a nine-week high. The corn market got a friendly USDA monthly supply and demand report today.
Soybeans: January soybeans rose 4 3/4 cents to $9.94 3/4. January soybean meal rose $2.40 to $292.00. January soybean oil fell 8 points to 42.72 cents. All three markets closed nearer their session highs. The soybean and meal markets today got some bullish traction from solid gains in corn futures and a rise in wheat prices.
Wheat: March SRW futures climbed 3 cents to $5.61 3/4 and closed nearer session highs. March HRW futures rallied 7 cents to $5.65 3/4. Wheat futures saw modest strength today, supported by a tighter-than-expected balance sheet in today’s supply and demand update from USDA.
Cotton: March cotton futures sunk 47 points to 69.48 cents and settled nearer session lows. Cotton futures favored the downside today as technicals continue to drive trade.
Cattle: February live cattle futures rallied $2.00 to $189.025 and closed on session highs. January feeder cattle futures rallied $1.525 to $257.325, while deferred contracts posted stronger gains. Live cattle futures surged higher for the second consecutive session, negating last week’s weakness.
Hogs: February lean hogs dropped $1.925 to $84.575, nearer the daily low and hit a three-week low. The lean hog futures market today saw heavy profit taking and weak long liquidation from the speculators, amid weakening cash hog market fundamentals.