Corn: December corn rose 2 cents to $4.16 1/2, marking a mid-range close. Corn futures favored the upside throughout the session but declined from the daily high despite rallying crude oil, a weaker U.S. dollar and additional evidence of global end-user demand.
Soybeans: January soybean futures climbed 3 1/2 cents to $9.97 1/4 though settled near session lows. December meal futures rebounded $4.30 to $299.60. December bean oil futures saw relative weakness, falling 74 points to 45.56 cents. After trading solidly higher overnight, sellers reemerged throughout today’s session, closing soybeans well off intraday highs.
Wheat: December SRW wheat rose 3/4 cent to $5.68 3/4, nearer the session low. December HRW wheat rose 4 1/4 cents to $5.71, nearer the session high. December spring wheat futures rose 5 1/4 cents to $6.05. The winter wheat futures markets saw some more tepid short covering today, with some mild buying support also coming from a two-session rally in the corn futures market.
Cotton: December cotton fell 24 points to 69.93 cents, closing nearer the session low. Cotton futures remained technically strapped, with price-favoring outside markets largely overlooked to begin the week.
Cattle: December live cattle fell 85 cents to $185.075, nearer the session low and closed at a four-week-low close. November feeder cattle lost 52 1/2 cents to $246.35 and near mid-range. The cattle futures markets saw more technical selling and profit-taking pressure to start the trading week.
Hogs: December lean hog futures sunk 85 cents to $83.225 and settled on session lows. Lean hogs succumbed to corrective selling pressure today as December futures continue to butt up against technical resistance.