Corn: December corn rallied 10 1/4 cents to $4.15, marking the highest close since July 5. Corn futures faced notable buying interest in the overnight session, which extended into the day session as December futures ultimately ended the day with the largest daily gain since early June.
Soybeans: November soybean futures surged 32 3/4 cents to $10.68 3/4 and settled on session highs. August soymeal futures jumped $6.80 to $343.60, near session highs. August bean oil futures climbed 44 points to 47.00 cents, closing nearer session highs. Soybean bulls built on overnight price strength, breaking November futures’ above downward trendline resistance and posting a bullish technical reversal.
Wheat: December SRW wheat rose 5 cents to $5.73 and near mid-range. December HRW wheat gained 1 1/4 cents to $5.88 and near mid-range. December spring wheat futures rose 10 3/4 cents to $6.40 1/4. The winter wheat futures markets saw some tepid short covering today, but the bulls were disappointed in wheat’s lackluster performance as the corn and soybean markets posted solid gains to start the trading week.
Cotton: December cotton fell 3 cents to 70.67 cents, a near three-week low close. Cotton futures extended last week’s losses, though selling was limited by technical support at the mid-June low.
Cattle: August live cattle rose 82 1/2 cents to $183.925 and near mid-range. August feeder cattle closed up 80 cents at $256.40 and nearer the session low. The cattle futures markets were supported today by a slightly friendly USDA’s monthly Cattle-on-Feed Report released last Friday afternoon.
Hogs: August lean hog futures rallied 80 cents to $92.375 and settled near session highs. Deferred contracts posted stronger gains. Lean hog futures continue to show impressive strength, led by contra-seasonal strength in the cash markets.