Corn: March corn futures rose 6 1/4 cents to $4.58 1/2, near the daily high and posted at a six-month-high close, but still marked at 55 3/4 cent yearly decline. Today’s technically bullish monthly and quarterly high close in March corn futures set the stage for follow-through chart-based buying in the near term.
Soybeans: March soybeans rallied 18 3/4 cents to $10.10 1/2 but marked a yearly loss of $2.40 1/2. March soymeal rose $5.10 to $316.90 but is down $59.40 cents on the year. March soyoil rose 6 points to 40.36 cents but sunk 730 points from a year-ago. Soybeans caught a bid today, along with corn, edging above the 40-day moving average despite continued U.S. dollar strength, which extended to a more than 2-year high.
Wheat: March SRW futures climbed 3 1/4 cents to $5.51 1/2 and closed nearer session highs. March HRW futures rallied 3 1/2 cents to $5.59 1/4. March HRS futures rose 2 cents to $5.95 3/4. Wheat futures saw choppy trade on either side of unchanged on the last trading day of the year.
Cotton: March cotton fell 8 points to 68.40 cents and forged a yearly loss of 11.16 cents. Cotton futures edged lower in narrow trade to end the calendar year, as technical headwinds and pressure from a soaring U.S. dollar continue to plague the natural fiber.
Cattle: The December live cattle contract expired at $193.85, down 22.5 cents from Monday, at noon Tuesday. February futures bounced $1.30 to close at $191.60, while January feeders rallied $1.40 to $263.025 at the close. The underlying cattle/beef situation remains very supportive of elevated prices.
Hogs: February lean hogs fell 32 1/2 cents to $81.30, nearer the session high and hit a 2.5-month low early on. Today’s new for-the-move low in February hogs, including a technically bearish monthly low close, is likely to invite increased speculator, chart-based selling interest to hog futures market in the near term.