Corn: March corn rose 5 1/4 cents to $4.53 3/4 to a six-month high close. Corn futures were supported by solid gains in the soy complex following the Christmas holiday, ultimately edging to a six-month high.
Soybeans: January soybeans surged 12 3/4 cents higher to $9.88 and closed near session highs. January meal futures surged $12.80 to $305.70 and closed on session highs. January bean oil futures sunk 37 points to 39.47 cents. Soybean futures opened higher on this morning’s cold open and never looked back, closing at a more than one week high, having negated the recent technical breakdown.
Wheat: March SRW wheat rose 6 1/4 cents to $5.41, while March HRW wheat rose 7 3/4 cents to $5.51 1/2, each closing near session highs. March HRS rose 4 1/2 to $5.94. Wheat futures notched gains with support from weakness in the U.S. and evidence of global demand while global supply wanes.
Cotton: March cotton futures sunk 3 points to 68.75 cents and settled near mid-range. Cotton futures faced modest pressure in light trade with U.S. dollar weakness lending some support, though stiff technical resistance and lacking fundamental news limited buyers and sellers.
Cattle: February live cattle surged $2.725 higher to $190.10 and closed near session highs. January feeder cattle futures rocketed $3.45 higher to $259.30. near session highs. Cattle futures surged higher today, climbing into the middle of last week’s range after languishing near recent lows the past few days.
Hogs: February lean hogs fell 17.5 cents to $84.20, forging a mid-range close. Hog futures held an inside range throughout the session but rebounded from session lows as persisting strength in the cash index spurred some modest buying.