Corn: March corn rose 7 cents to $4.57 3/4 and closed nearer the session high. Corn futures began the first full week of the year on a positive note, extending to a fresh for-the-move high amid technical buying and support from a notable U.S. dollar decline.
Soybeans: March soybeans climbed 6 cents to $9.97 3/4 though settled nearer session lows. March meal futures fell $1.30 to $307.30 and settled near session lows. March bean oil rallied 40 points to 40.33 cents. Soybeans saw modest corrective strength from Friday’s steep losses today, supported by extensive weakness in the U.S. dollar index.
Wheat: March SRW wheat rose 11 1/4 cents to $5.40 1/2, nearer the daily high. March HRW wheat rose 14 1/4 cents to $5.53 1/4 and nearer the session high. The winter wheat futures markets today saw short covering after prices last week hit contract lows.
Cotton: March cotton rallied 102 points to 68.68 cents, near the session high. A notable decline in the U.S. dollar invited short-covering, with additional support likely stemming from general strength across the ag complex.
Cattle: February live cattle rose $1.15 to $195.20, near mid-range and hit a nine-month high early on. March feeder cattle rose $1.375 to $265.55 and near mid-range. Friendly charts and solid cash market fundamentals continue to fuel buying interest in the futures markets.
Hogs: February lean hog futures sunk $1.125 to $79.65 and near session lows, while deferred contracts posted modest gains. Lean hog futures broke to a fresh for-the-move low as disappointing cash trade continues to drive the market lower.