Corn: July corn rose 13 cents to $6.17 1/4 after trading at the highest level since April 21. December corn rose 18 3/4 cents to $5.49 1/4, near the session high, notching a six-week high close. Corn gapped up in the overnight open, with the momentum stemming mostly from questionable Midwest weather in the coming days.
Soybeans: July soybeans fell 13 3/4 cents to $13.72 3/4, despite November futures rising 4 3/4 cents to $12.09, a three-week high. July soybean meal futures rose 20 cents after trading in a volatile range, ending the day at $397.4. July soyoil closed 61 points lower at 53.98 cents after failing to overcome technical resistance. Old crop soybeans fell under pressure today as price succumbed to technical resistance and the ongoing demand destruction, while new crop futures shared spillover strength from corn caused by ongoing dryness across the corn belt.
Wheat: July SRW futures rose 3 1/2 cents to settle at $6.33 3/4, the highest close since May 16, while December SRW wheat rose 4 1/2 cents at $6.62 1/2, nearer the session high. July HRW wheat fell 1 1/4 cents at $7.96 1/2 and near mid-range. July spring wheat futures rose 2 1/2 cents to $8.14 1/4.SRW wheat futures saw short covering and buying interest from sharp gains in corn futures today, while the HRW futures market languished.
Cotton: July cotton fell 55 points to 83.49 cents, the lowest close since May 31. Nearby cotton extended lower for the fourth straight session amid a heavy selloff in crude oil futures as investors become anxious ahead of release of key inflation data and the Federal Reserve’s decision on interest rates later this week.
Cattle: August live cattle futures rose $1.35 to $173.20. August feeder cattle gained 5 cents to $239.05. Prices closed nearer their session highs. The live and feeder cattle futures markets are being powered by solid cash market fundamentals that see the cash cattle market trading at record highs, with no strong, early signs of the market topping out.
Hogs: August lean hog futures led the complex higher today, rising $3.425 to $87.375. Lean hog futures saw sustained buying today after consolidating for most of last week.