Corn: December corn futures closed up 4 1/2 cents at $4.08 3/4 and nearer the session high. The corn futures market saw more short covering and some perceived bargain hunting today, following recent selling pressure.
Soybeans: November soybeans rose 3 1/4 cents to $10.43 1/4, a near mid-range close, while December soymeal rose $1.80 to $310.10 after losing more than $24.00 over the previous six sessions. August soyoil rose 28 points to 46.70 cents. Soybeans were able to notch modest corrective gains after extending to a fresh near-term low in early trade and a near 90-cent loss over the past seven sessions.
Wheat: December SRW futures sunk a penny to $5.55 1/2 though settled near mid-range. December HRW futures fell 5 1/4 cents to $5.67 and settled nearer session lows. December HRS futures fell 4 cents to $5.97 1/4. Wheat futures failed to capitalize on strength seen in the corn and soybean markets today as prices consolidated near recent lows.
Cotton: December cotton fell 107 points to 71.37 cents, nearer the session low. Cotton futures took back the biggest portion of Monday’s gains as outside market pressure weighed on the natural fiber.
Cattle: August live cattle futures firmed 55 cents to $182.675 and settled nearer session highs. August feeder cattle futures sunk 15 cents to $258.625. Live cattle futures closed modestly higher though continue to chop sideways in directionless trade.
Hogs: August lean hog futures rose $2.85 to $91.275 and near the session high, closing at a four-week-high close. Short covering and perceived bargain hunting by the speculators was featured in lean hog futures today, as premium is being built back into the front-month August futures contract versus the cash index.