Corn: July corn futures closed up 10 1/2 cents at $6.08, near the session high and at a five-week high close. Short covering and technical buying from the speculators were featured today after the corn market got a bullish surprise with Monday afternoon’s weekly USDA crop progress reports.
Soybeans: July soybeans rose 3 1/4 cents to $13.53 1/4, closing above the 20-day moving average. November soybeans rose a nickel to $11.84 3/4. July meal dropped $4.50 to $396.70, notching a low-range close, while July soyoil climbed 166 points to 50.92 cents, the highest close since May 11. Soybeans attempted to extend farther above last week’s low following the government’s weaker-than-expected initial crop rating and an old-crop daily export sale of 165,000 MT to Spain.
Wheat: July SRW wheat rose 3 3/4 cents to $6.27 3/4. Prices closed nearer the session low after hitting a three-week high early on. July HRW wheat fell 2 cents to $8.20 ¼, near mid-range. Spring wheat futures fell 3 3/4 cents to $8.16 1/2. Wheat futures prices surged overnight on news Ukraine’s Nova Kakhovka dam was damaged in a blast, which resulted in flooding and likely reduced water supplies for crops downstream in southern Ukraine.
Cotton: July cotton rose 55 points to 85.34 cents, nearer the session high. Taking direction from grains, cotton was able to mark modest gains despite outside market pressure.
Cattle: August live cattle futures rose $2.225 to a record close at $175.5, while expiring June futures rose $2.675 to $176.825. August feeder futures rose 65 cents to close at a contract high $243.25. August live cattle futures marched higher for the eighth contract high in as many trading days.
Hogs: Expiring June hog futures jumped $2.975 to $88.30 Tuesday, while the August contract leapt $2.875 to $84.50. Soaring cattle prices seemed to power a sympathetic reaction in the hog and pork complex Tuesday, with traders likely thinking the spike in cattle and beef costs will finally convince grocers to become much more aggressive in buying and featuring pork in the weeks ahead.