Corn: December corn futures rose 7 cents to $4.16 1/2 and near the session high. The corn futures market today was boosted by short-covering, perceived bargain hunting and spillover speculator buying interest from solid gains in gold (record high), silver (12-year high) and crude oil.
Soybeans: November soybeans rallied 10 3/4 cents to $9.91 3/4, closing near the session high. December soymeal fell 60 cents to $317.70. December soyoil surged 130 points to 43.69 cents, marking a close above the 100-, 10- and 20-day moving averages. Soybean futures extended Monday’s short-covering gains, with support stemming from soyoil which was ultimately lifted amid corrective strength in crude oil futures.
Wheat: December SRW futures rallied 3 3/4 cents to $5.76 and closed nearer session highs. December HRW futures climbed 4 1/4 cents to $5.86 1/2, settling nearer session highs. December spring wheat rose 2 3/4 cents to $6.16 3/4. Wheat futures lagged behind the strength seen in corn and beans today though rallied the latter half of the session.
Cotton: December cotton fell 12 points to 72.08 cents but marked a high-range close. Cotton futures ended the session modestly lower following narrow trade as traders remained somewhat skeptical despite a second day of solid crude oil gains.
Cattle: December live cattle futures climbed $1.30 to $188.125 and settled near session highs. November feeder cattle futures rallied $2.325 to $248.925. Cattle futures reversed yesterday’s losses and closed solidly higher on the day as cash fundamentals continue to support futures.
Hogs: December lean hogs rose 85 cents to $79.125, nearer the session high and hit at six-month high. Technical buying from the speculators was featured in lean hog futures today, as the near-term technical posture is fully bullish.