Corn: December corn rose 18 1/2 cents to $5.53, closing above the 100-day moving average and at the highest level since June 27. A second air attack on Ukraine’s port city of Odesa for a second night in a row sent corn futures higher as the attack reportedly caused a “considerable” amount of damage to the Chornomorsk port.
Soybeans: November soybeans rose 13 1/2 cents to $14.08 3/4 and near mid-range. Prices hit a 13-month high early on today. August soybean meal rose $1.10 to $443.80 and near mid-range after hitting a three-month high early on. August bean oil gained 200 points to 66.05 cents, nearer the session high and hit a seven-month high. The soybean futures market followed the lead of wheat futures markets today, as prices spiked higher in a knee-jerk reaction to news reports that Russia said it will consider all ships traveling to Ukrainian ports on the Black Sea as potential carriers of military cargo, effective Thursday.
Wheat: September SRW futures rallied 57 cents to close near limit up at $7.27 3/4 as geopolitical tensions shocked the market. September HRW futures rose 39 1/2 cents before settling at $8.66 3/4, over 20 cents off the intraday high. September spring wheat futures rose 19 3/4 cents to $8.97 1/4. Wheat prices shot higher following increasing tension in the Black Sea, with September SRW futures testing limit up intraday.
Cotton: December cotton rose 150 points to 83.75 cents, closing nearer the session high. Prices hit a two-month high today. The cotton futures market today was pulled higher by solid gains in the grain futures markets.
Cattle: Live cattle futures rebounded from early losses, with the August contract rising 5 cents to $181.325. Feeder futures also bounced from early lows as corn futures set back; August feeders slid $1.20 to $246.80. There was little news from the country markets yesterday, particularly pertaining to quotes for live cattle sold FOB.
Hogs: August lean hogs rallied $1.65 to $97.925 and closed near the session highs, while deferred contracts closed mixed. August lean hogs surged as traders narrow the distance of the August future to the cash index.