Corn: December corn futures closed up 2 1/4 cents at $4.17 1/4, near mid-range and hit a more-than-two-week high early on. The corn futures market today saw more short covering and perceived bargain hunting by speculators.
Soybeans: November soybeans rose 6 3/4 cents to $10.75 1/2, marking a mid-range close, while December soymeal fell 30 cents to $319.10 after notching a two-week high early on. September soyoil fell 14 points to 46.08 cents. Soybeans extended Monday’s gains, though technical resistance at the 20-day moving average combined with U.S. dollar strength curbed momentum.
Wheat: December SRW futures fell 5 1/4 cents to $5.67 3/4 and settled nearer session lows. December HRW futures slid 4 3/4 cents to $5.83 1/4. December HRS futures fell 7 1/4 cents to $6.33. Wheat futures continue to struggle maintaining any bullish momentum, dragging both corn and soybeans off intraday highs.
Cotton: December cotton tumbled 114 points to 69.48 cents, marking the lowest close since July 2022. December cotton edged lower for the third consecutive session to a more than two-year low.
Cattle: August live cattle futures surged $2.375 higher to $186.30 and settled on session highs. August feeder cattle futures jumped $2.35 to $257.75 and closed nearer session highs. Cattle futures surged higher, breaking out of the recent sideways range, posting a bullish breakout.
Hogs: August lean hogs closed up $1.275 at $93.65, nearer the session high and hit a seven-week high. Improving cash hog and fresh pork market fundamentals and friendlier price charts are fueling the present, impressive rally in the hog futures market.