Corn: March corn rose 8 1/2 cents to $6.74 3/4, the contract’s highest close since Nov. 7. Corn surged to seven-week highs behind strengthening charts, gains in crude oil and optimism China’s easing of Covid restrictions will lead to greater demand for ag commodities.
Soybeans: March soybeans rose 4 1/2 cents to $14.89, the highest close since Dec. 8 but well off an early rally to a six-month high at $15.22 3/4. March soymeal fell $3.50 to $447.80. March soyoil gained 174 points 66.39 cents. Soybeans soared initially following disappointing weekend rainfall in Argentina and China’s dropping a quarantine rule for inbound travelers drove optimism over demand.
Wheat: March SRW wheat fell 1 1/2 cents to $7.74 1/2. March HRW wheat gained 4 1/2 cents to $8.79 1/4, the contract’s highest intraday price since Dec. 1. March spring wheat rose 2 1/2 cents to $9.34 1/4. Winter wheat was supported by strengthening technicals and concern recent extreme cold in the U.S. Plains may have damaged crops.
Cotton: March cotton fell 97 points to 84.24 cents, the contract’s lowest close since Dec. 19. Cotton futures were pressured by weakness in U.S. equities amid concern the Federal Reserve will continue hiking interest rates and trigger a recession.
Cattle: February live cattle rose 12.5 cents to $157.875, a lifetime-high close for the third session in the past four. Futures were supported by strength in wholesale beef and a longer-term outlook for tight supplies and firmness in cash prices. USDA-reported live steers averaged $156.26 last week, up 57 cents from last week’s average and the first increase in three weeks.
Hogs: February lean hogs soared $3.65 to $91.475, the highest close since Sept. 20. Nearby hog futures rallied on followthrough support from last week’s gains and supportive numbers in USDA’s quarterly Hogs & Pigs Report Friday. Pork cutout values fell $1.14 to $90.92, down from a five-week high. Movement was lighter at 268 loads.