Corn: December corn futures rose 3 cents to $4.13 3/4 and nearer the session high. The corn futures market today saw short covering and perceived bargain hunting from the speculators.
Soybeans: November soybeans fell 8 3/4 cents to $9.65 1/4, the lowest close since Aug. 22, while January soybeans fell 7 cents to $9.79. December soymeal closed down $3.00 to $301.80, nearer the session low, while December soyoil rose 11 points to 42.80 cents. Soybean futures extended selling efforts for the fourth straight session after modestly favoring the upside early in the session amid support from corrective buying in soyoil.
Wheat: December SRW futures surged 11 3/4 cents higher to $5.70 1/2 and settled nearer session highs. December HRW futures climbed 12 3/4 cents to $5.74 1/4. December HRS rallied 11 1/4 cents to $6.06 1/2. Wheat futures surged higher today, supported by both fundamental and technical strength as winter wheat ratings were issued at the second lowest mark since the ratings began in 1986.
Cotton: December cotton rose 20 points to 70.56 cents and near mid-range. December cotton attempted to recapture Monday’s losses, though technical resistance curbed stronger short-covering efforts.
Cattle: December live cattle futures sunk $1.325 to $187.95. November feeder cattle futures plunged $2.60 to $246.60. Live cattle futures closed lower today after making a fresh for-the-move high in early trade.
Hogs: December lean hogs rose $2.20 to $82.825, near the daily high and hit at contract high. The lean hog futures market powered higher again today, with chart-based speculator buying featured amid bullish technicals.