Corn: December corn rallied 5 1/4 cents to $4.29 1/4, closing near the session high and above the 10-day moving average. Corn futures were able to notch gains to begin the week, aided by a corrective rally in wheat and crude oil futures combined with U.S. dollar weakness.
Soybeans: January soybean futures surged 11 1/4 cents to $10.09 3/4, closing on session highs. December meal futures climbed 70 cents to $290.30. December bean oil futures were supported by surging crude oil futures, closing 17 points higher to 45.52 cents. Soybean futures struggled to overcome initial technical resistance, rejecting off 10-day moving average resistance several times in today’s session.
Wheat: December SRW wheat rose 10 3/4 cents to $5.47 1/4. December HRW wheat rose 15 1/4 cents to $5.55 1/4. Both markets closed nearer their session highs. December spring wheat rose 12 3/4 cents to $5.85. The winter wheat futures markets today saw short covering after prices last week hit 2.5-month lows.
Cotton: December cotton fell 18 points to 66.62 cents, hit a three-month low and closed nearer the daily low. Nearby cotton futures extended Friday’s weakness to a fresh near-term low despite notable outside market support.
Cattle: December live cattle rose $1.15 to $184.10, near the daily high. January feeder cattle rose $2.275 to $249.50, near the session high and hit a 3.5-month high. Short covering was seen in December live cattle futures after prices Friday hit a seven-week low.
Hogs: December lean hog futures climbed 52.5 cents to $80.025, though closed mid-range. Lean hog futures opened higher but struggled to maintain gains as the session went on.