Corn: December corn futures rose 1 3/4 cents to $4.12 1/2 and near the session high. The corn futures market continues to languish in a sideways and choppy trading range that has been in place since July.
Soybeans: November soybeans rose 1 1/2 cents to $10.06 but ended nearer the session low. December soymeal fell $2.30 to $321.50, while December soyoil rose 77 points to 39.88 cents. Soybeans favored the upside again but continued to move sideways in consolidative trade as technical pressure and soymeal weakness offset strength from soyoil futures.
Wheat: December SRW futures sunk 2 3/4 cents to $5.75 3/4 and closed near mid-range. December HRW futures fell 1/2 cent to $5.93, nearer session lows. December spring wheat rose 1 1/4 cents to $6.21. SRW futures struggled to maintain overnight gains, ultimately closing lower for the second consecutive session.
Cotton: December cotton fell 66 points to 72.16 cents, forging a near mid-range close. Cotton futures held a narrow range, with U.S. dollar strength pressuring today’s price action, while another day of crude oil gains limited selling interest.
Cattle: October live cattle futures surged $1.575 higher to $178.80, closing near mid-range. October feeder cattle futures rallied $1.75 to $240.75. Live cattle futures surged today, supported by continued strength in the cash market.
Hogs: October lean hogs rose $1.85 to $81.775, nearer the session high and hit a two-week high. The lean hog futures market bulls are out of the gate strong so far this week, which suggests some more follow-through technical buying interest from the speculators will occur in the near term.