Corn: December corn futures closed up 3/4 cent at $4.21 1/4 and nearer the session low. The corn futures market so far this holiday-shortened trading week is seeing tepid short covering after recent steep losses.
Soybeans: November soybeans rose 2 cents to $11.13, closing near the session low, while August meal rose $1.30 to $350.30 after gapping higher at the open. August soyoil rose 101 points to 47.04 cents, marking the highest close since April 10. Corrective gains in soybeans faded as the session progressed as looming technical resistance continues to hinder earnest buying ahead of the Fourth of July holiday.
Wheat: December SRW futures sunk 7 3/4 cents to $6.04 3/4 and settled nearer session lows. December HRW futures fell 6 1/2 cents to $6.08 3/4, settling near mid-range. September HRS futures sunk 1 1/4 cents to $6.31. Winter wheat futures gave up a significant portion of Monday’s gains as prices continue to consolidate from the June sell-off.
Cotton: December cotton fell 40 points to 72.70 cents, below the 20-day moving average. December cotton edged mostly sideways in subdued trade as technical resistance combined with limited outside market support continued to pressure futures.
Cattle: August live cattle futures rebounded from their recent setback, rising 82.5 cents to $185.10, while August feeder futures soared $3.725 to $261.10. Wholesale beef prices continued their march upward Tuesday morning, with Choice beef cutout climbing $1.79 to $330.97 and Select cutout rising $1.03 to $307.44.
Hogs: August lean hogs rose $1.60 to $89.775 and near the session high. The expiring July contract edged up 2.5 cents to $89.225. The lean hog futures market today saw short covering following recent strong selling pressure.