Corn: March corn futures rose 4 1/2 cents to $6.84 3/4, just below resistance at $6.85 3/4. Corn has regained its post report losses and then some, ending the session at the highest level in nearly a month.
Soybeans: March soybeans rose 1/4 cent to $15.42 3/4 after reaching a 6-month high early in the session. March soymeal rose $4.60 to $504.00 while March soyoil dropped 40 points to 60.14 cents. Soybeans jumped to a six-month high early in the session as soymeal futures reached a fresh contract high around midmorning.
Wheat: March SRW futures rose 6 cents to $7.92. March HRW rose 3 1/4 cents to 912 1/4, while March spring wheat rose 1/2 cent to settle at $9.30 3/4. SRW wheat futures gapped higher overnight, setting the stage for an extension of Friday’s charge higher as the future of global supply is in question.
Cotton: March cotton rose 27 points to 85.54, ending the session above the 10-day moving average. Cotton futures traded mostly sideways, remaining within a consolidated range despite supportive outside markets as the U.S. dollar weakened and crude oil gained momentum above $80.00 per barrel.
Cattle: April live cattle rose $1.15 to $165.10, nearer the session high and hit a contract high. March feeder cattle gained 80 cents to $187.20 and near mid-range. Solid cash cattle market fundamentals are powering the live and feeder cattle futures markets at present.
Hogs: April lean hogs closed up $3.025 at $86.35 today and near the session high. Heavy short covering in the futures markets and a steady rise in the CME lean hog index fueled the rally in futures today.