Corn: December corn futures traded on both sides of unchanged before settling 1 3/4 cents lower to $4.19 1/2. Corn futures continue to see muted volatility as prices continue to consolidate following last week’s steep selloff.
Soybeans: November soybeans rose 8 1/2 cents to $11.21 1/2, marking the highest close since June 24. August soymeal fell 20 cents to $350.10, closing near the session low. August soyoil surged 160 points to 48.64 cents, ending the session above the 200-day moving average for the first time since Sept. 27. Soybeans extended short-covering for a third straight session, though volumes ahead of the July Fourth holiday and looming technical resistance limited upside momentum.
Wheat: December SRW wheat futures fell 6 3/4 cents to $5.98. December HRW wheat futures lost 7 3/4 cents to $6.01. Both markets closed nearer their daily lows. December spring wheat futures closed 8 1/4 cents lower at $6.41. This week’s choppy price action gives the bulls some better hope that the winter wheat markets are “basing” and at or near market bottoms.
Cotton: December cotton fell 34 points to 72.36 cents, closing near the session low. Cotton trade continued to consolidate in narrow trade ahead of the Fourth of July holiday as technical resistance continued to minimize gains despite support from a weaker U.S. dollar.
Cattle: August live cattle futures rose 82 1/2 cents to $185.925 and nearer the daily high. August feeder cattle gained $2.275 to $263.375, nearer the session high and hit a five-week high. The cattle futures markets continue to be firmly supported by overall bullish cash market fundamentals, which should continue to keep futures prices at their present elevated levels, or higher, in the near term.
Hogs: Expiring July lean hog futures rose 52.5 cents to $89.75, while most-active August edged up 5 cents to $89.825. Hog futures gave up most of moderate early gains at today’s close, likely due to traders evening up positions ahead of Independence Day.