Corn: May corn futures rose 5 1/2 cents to $6.35 3/4, near the session high. Short covering and perceived bargain hunting were featured today after May corn futures prices hit a six-month low in overnight trading.
Soybeans: May soybeans rose 15 1/4 cents, nearer the session high, while May meal rose $3.20 to $470.30 and May soyoil closed 79 points higher at 60.83 cents. Soybeans were able to post a moderate rebound with soyoil futures leading the complex higher.
Wheat: May SRW wheat rose 4 1/2 cents to $7.10, near mid-range and hit a contract low. May HRW wheat gained 3 1/2 cents at $8.16 1/4, nearer the session high. Spring wheat futures fell 3 1/4 cents to $8.63 1/2. Tepid short covering was featured in the winter wheat futures markets today, both HRW and SRW pausing after recent selling pressure.
Cotton: May cotton rose 163 points to 85.66 cents, ending the session above the 20- and 40-day moving averages and posting the highest close since Feb.14. Cotton edged higher as the U.S. dollar faded and China reported stronger-than-expected manufacturing activity.
Cattle: April live cattle futures slid 35 cents to $165.125 at Wednesday’s close, while March feeder futures fell $1.50 to $188.30. Cattle market fundamentals remain strong.
Hogs: April lean hogs fell 22.5 cents to close at $84.95, well off this morning’s lows. Nearby lean hog futures showed impressive strength following opening weakness and clawed back to close near green on the day.