Corn: March corn futures rose 5 3/4 cents to $4.90, at the session high and hit a seven-month high. The corn futures bulls are keeping their pedal to the metal, with technical buying featured amid South American weather concerns and a plunging U.S. dollar index to start the holiday-shortened trading week.
Soybeans: March soybeans surged 33 1/4 cents to $10.67 1/4, marking a 15-week high close. March soymeal rallied $13.80 to $311.00, notching a close above the 100-day moving average. March soyoil rose 8 points to 45.77 cents. Soybeans extended Friday’s gains amid lingering South American weather concerns and strong support from a plunging U.S. dollar, which retreated following President Trump’s announcement that new tariffs will be postponed.
Wheat: March SRW futures surged 20 cents to $5.58 3/4 and closed on session highs. March HRW futures closed 27 cents higher to $5.75 1/2, a more-than two-month high close. Wheat futures saw persistent buying overnight and buying efforts accelerated on this morning’s open, scoring a technical breakout on the daily bar chart.
Cotton: March cotton rose 6 points to 67.66 cents but closed nearer the session low. A tumbling U.S. dollar and rallying equities did little to excite cotton futures to begin the week as crude oil futures spiraled lower, retreating further from last week’s high.
Cattle: Cattle futures traded mixed-to-lower Tuesday. Nearby February live cattle rose 30 cents to $197.05, while expiring January feeders gained 90 cents to $274.40. But most-active March feeders fell 80 cents to $267.25. The cattle and feeder complex remains quite strong. The USDA reported Monday that last week’s cash market average reached $203.67, marking a weekly gain of $1.09 as well as a fresh all-time high.
Hogs: February lean hogs closed up 7 1/2 cents to $81.20, nearer the daily low. The lean hog futures bulls are working to stabilize their market after seeing three sessions in a row of lower closes.