Corn: December corn rallied 11 3/4 cents to $4.13 1/2, closing near the session high at the highest level since July 25. Corn futures caught a bid to start the week, with strong gains in the soy complex underpinning prices, despite lacking outside market support.
Soybeans: November soybeans rocketed 27 1/4 cents higher to $10.39 1/4 and settled near session highs. December meal futures climbed $9.5 to $328.7, near session highs. December bean oil futures firmed 48 points to 41.84 cents. Soybeans led the ag complex higher today, surging above 40-day moving average resistance and closing November futures at the highest mark since Aug. 5.
Wheat: December SRW wheat rose 14 cents to $5.82 1/2. December HRW wheat rose 13 1/4 cents to $5.77 1/4. Both markets closed nearer their session highs. December spring wheat futures rose 11 cents to $6.19. The winter wheat futures markets rallied today amid solid gains in corn and soybean futures.
Cotton: December cotton fell 8 points to 73.44 cents, closing nearer the session low. Cotton futures traded modestly lower in narrow trade as outside market pressure negated strength from the grain and soy complexes.
Cattle: December live cattle rose 62 1/2 cents to $183.825 and near mid-range. November feeder cattle rose 97 1/2 cents to $242.75 and nearer the session high. Both markets hit seven-week highs today. The cattle futures markets today saw follow-through technical buying in the wake of last week’s good gains and after last Friday afternoon’s USDA cattle-on-feed report that held no bearish surprises.
Hogs: December lean hog futures climbed 65 cents to $74.875 and settled nearer session highs. Lean hog futures ended the day higher, led by the deferred contracts. While gains in the October contract have stalled, December futures continue to march higher on the daily bar chart, supported by anticipation of continued robust consumer demand.