Corn: December corn futures rose 2 cents to $4.18 1/2 and nearer the session high. Today marked the third straight session of modest gains in corn futures, as the bulls work to establish a near-term price uptrend on the daily bar chart.
Soybeans: January soybeans rose 4 1/2 cents to $10.01 3/4, closing above the 20-day moving average for the first time since Oct. 7. December soymeal fell 10 cents to $299.50. December soyoil closed 57 points lower at 44.99 cents. Soybean futures expanded Monday’s gains, testing resistance at the 20-day moving average for the third straight session, despite extended selling in soyoil futures.
Wheat: December SRW futures climbed 3 3/4 cents to $5.72 1/2 and settled nearer session highs. December HRW futures rallied 5 3/4 cents to $5.76 3/4, nearer session highs. December spring wheat rose 5 1/2 cents to $6.10 1/2. Winter wheat futures continue to face largely directionless trade as December SRW futures have pivoted around the $5.70 mark for eight consecutive sessions.
Cotton: December cotton rose 2 points to 69.95 cents, closing nearer the session high. Cotton futures continued to edge sideways in consolidative trade as technical resistance continues to limit buying interest.
Cattle: December live cattle futures fell 30 cents to $184.775, though deferred contracts posted modest gains. November feeder cattle futures dropped 20 cents to $246.15. Cattle futures traded on either side of unchanged before closing modestly lower on the day.
Hogs: December lean hogs fell $2.10 to $81.125, near the daily low. The lean hog futures market today saw more heavy profit-taking pressure from the speculators after prices last Friday hit a contract high.