Corn: March corn futures rose 7 1/2 cents to $4.47 3/4 and near the session high. Prices hit a contract low early on. The corn futures market saw a short-covering bounce from today’s contract low, with buying interest prompted in part by friendly outside markets that saw higher crude oil prices and a weaker U.S. dollar index.
Soybeans: March soybeans rose 24 1/2 cents to $12.18 3/4, while March soymeal rallied $8.70 to $363 and March soyoil rose 45 points to 46 cents, all high-range closes. March soybeans rallied in corrective trade from a near eight-month low carved in overnight trade as followthrough soymeal strength propped up the complex.
Wheat: March SRW futures surged 12 cents to $6.05 1/2, settling near session highs. March HRW futures jumped 12 1/2 cents to $6.30 3/4, settling within a penny of session highs. March spring wheat rose 6 1/2 cents to $6.99 3/4. Wheat futures surged despite trading lower overnight, as commodities in general saw significant rallies throughout today’s session.
Cotton: March cotton rose 52 points to 84.78 cents, ending in a high-range close. Cotton futures regained strength after a touch to a one-week low in early trade inspired corrective buying as outside market strength and increasing gains in the grain and soy complexes aided the natural fiber.
Cattle: April live cattle futures rallied 52.5 cents to $181.75, settling nearer session highs. Nearby February futures rallied 65 cents to $178.025. March feeder cattle futures jumped $2.70 to $241.325, closing near session highs. Feeder cattle led the cattle market higher today, with fats recovering from this morning’s gap lower and closing near the recent high close.
Hogs: April lean hogs closed up $1.475 at $84.90, near mid-range and hit a four-month high early on. The lean hog futures market was boosted today by more chart-based speculator buying interest.