Corn: July corn rose 3 1/4 cents to $4.61 1/4, a near mid-range close. Corn futures were able to secure gains into the close, with strength stemming from a decidedly higher soy complex.
Soybeans: July soybeans rose 10 cents to $12.46 1/4 and nearer the session high. July soybean meal closed up $5.90 at $378.20 and near the session high. July soybean oil closed up 7 points at 45.88 cents, nearer the session low and hit a five-week high early on. The soy markets today were supported by speculator buying interest as the near-term technical postures for all three markets are leaning price-friendly.
Wheat: July SRW wheat closed 4 1/2 cents lower at $6.93, while July HRW fell 2 cents to $6.99 1/2, each closing near session lows. July HRS futures fell 2 1/4 cents to $7.36 1/2. Wheat futures struggled to regain momentum as corrective selling ensued in overnight trade following a reach to a fresh near-term high.
Cotton: July cotton closed up the 300-point limit at 79.38 cents. Today’s big gains in the cotton futures markets appear to be from speculator buying interest, including both new establishment of long positions and the covering of previously established short positions (short covering).
Cattle: Cattle and feeder futures continued their upward March Wednesday, with June live cattle rising $1.20 to $184.175 and most-active August feeders surging $3.075 to $262.90. The cash cattle market gives no sign of slowing its recent advance.
Hogs: June lean hog futures sunk $1.00 to $95.40, settling nearer session lows. Lean hog futures continue to fall under heavy selling pressure as cash fundamentals erode contra seasonally.