Corn: March corn rose 1 1/2 cents to $4.47 3/4, marking the highest close since Dec. 11. Corn futures spent the session hovering around unchanged, with short-covering gains in the wheat complex negating pressure from the soy complex and strength in the U.S. dollar.
Soybeans: January soybeans fell a nickel to $9.69 1/2 and closed nearer session lows. January meal futures fell $5.0 to $289.50, near session lows. January bean oil futures saw relative strength, climbing 75 points to 40.23 cents. Weakness in soymeal futures undercut soybean futures today.
Wheat: March SRW wheat rose 7 1/2 cents to $5.40 1/2, nearer the daily high. March HRW wheat rose 6 1/4 cents to $5.51 and nearer the session high. March spring wheat futures climbed 5 1/4 cents to $5.95 1/2. The winter wheat futures markets today saw some short covering after hitting contract lows last week.
Cotton: March cotton rallied 136 points to 69.42 cents, nearer the session high. Cotton futures rebounded to begin the shortened week, amid corrective buying as risk-on sentiments returned to the marketplace as traders were relieved the U.S. Congress averted a federal government shutdown.
Cattle: February live cattle fell 95 cents to $187.45 and near the session low. January feeder cattle rose $1.00 to $256.60 and nearer the session high. Some technical selling pressure was featured in live cattle futures today as the bulls appear to have become near-term exhausted, judging by recent price action.
Hogs: February lean hog futures closed $1.55 lower to $84.375. Lean hog futures underwent heavy selling pressure, negating most of Friday’s gain as positioning ahead of this afternoon’s reports drove trade.