Corn: March corn rallied 11 3/4 cents to $4.97, marking an eight-month high close. Corn futures entered midweek with bullish force, eventually carving an eight-month high in late-morning trade.
Soybeans: March soybeans rose 15 1/2 cents to $10.60 1/2, near the daily high. March soybean meal rose $8.20 to $309.80, near the session high. March soybean oil fell 16 points to 44.97 cents, near mid-range. The soybean and meal futures markets today were boosted by a rally in the corn futures market to an eight-month high, combined with growing concerns around South American weather conditions in soybean country.
Wheat: March SRW wheat surged 17 1/4 cents to $5.62 1/2, forging a seven-week high close, while March HRW wheat rallied 19 1/4 cents to $5.80 1/4, ending the session above the 100-day moving average. March HRS futures rose 16 cents to $6.13 3/4. Wheat futures extended Tuesday’s gains, with solid gains in corn spurring short-covering at midweek despite lacking outside market support.
Cotton: March cotton fell 32 points to 66.66 cents and nearer the daily low. The cotton futures market bears are keeping a strong grip on price action.
Cattle: Cattle futures set back after marching to record highs over the past five sessions. Nearby February live cattle slid $1.525 to $207.025, while most-active April fell $2.325 to $204.95. Expiring January feeder futures skid $1.275 cents to $280.555, while most-active March feeders dropped $2.975 to $275.275. The cattle and beef complex remains extremely strong, as exemplified by last week’s jump in fed cattle values, as well as nearby February futures posting all-time highs over each of the five previous sessions.
Hogs: April lean hog futures climbed 42.5 cents to $91.325 and settled near mid-range. Meanwhile, nearby February futures closed steady at $83.90. Hog futures traded higher most of the session before heavy selling in cattle futures into the close bled over into the hog market.