Corn: July corn rose 3 1/2 cents to $4.10 3/4, marking a near mid-range close. Corn futures saw modest short-covering ahead of USDA’s supply and demand update tomorrow, while a weaker-than-expected Consumer Price Index (CPI) reading spurred selling in the U.S. dollar, which underpinned grains.
Soybeans: November soybean futures firmed 3/4 cent to $10.67 3/4, settling near mid-range. August meal futures rallied $3.2 to $342.4, closing nearer session highs. August bean oil futures climbed 78 points to 47.12 cents. Soybeans struggled to hold onto overnight gains as sellers re-emerged during today’s session, with November futures closing near recent for-the-move lows.
Wheat: December SRW wheat rose 10 cents to $5.95 and near mid-range. December HRW wheat gained 18 cents to $6.01 3/4 and nearer the session high. September spring wheat futures rallied 7 3/4 cents to $6.18 3/4. The winter wheat futures markets today saw short covering after recent selling pressure, most of which is related to commercial hedging amid the winter wheat harvest that is progressing north.
Cotton: December cotton futures fell 6 points to 70.87 cents though closed near session lows. Cotton futures struggled to hold onto early gains and settled nearer session lows as traders anticipate bearish data in tomorrow’s updated supply and demand reports.
Cattle: August live cattle closed steady at $182.25 and near mid-range. August feeder cattle rose $1.80 at $256.15 and near the daily high. The cattle futures markets today saw short covering, led by feeders, following recent steep losses that have produced some chart damage.
Hogs: Expiring July hog futures edged up 10 cents to $88.55 Thursday, while most-active August recovered a major portion of Wednesday’s breakdown. It jumped $2.00 to $86.675. Traders seemingly hold divergent views about the late summer and fall outlook for the hog and pork complex, as was best indicated by yesterday’s $3.00-plus dive in August hog futures and today’s huge rebound.