Corn: December corn rose 3 1/2 cents to $4.15 1/4, closing near the session high and at a two-month high close. Corn futures turned decidedly higher in late-morning trade, amid backing from strength in wheat futures and increasing gains across the soy complex.
Soybeans: November soybeans rose 11 cents to $10.53 1/4, near the session high and closed at a two-month high close. December soybean meal gained $2.30 to $328.20 and near the session high. December soybean oil rose 81 points to 44.15 cents, nearer the session high and hit a two-month high. The soybean and bean oil markets today saw technically related speculator buying interest as the near-term chart postures for both markets have turned bullish.
Wheat: December SRW wheat rallied 11 1/4 cents to $5.89 1/4, while December HRW futures rose a dime to $5.81, both forging high-range closes. December spring wheat futures rose 5 1/4 cents to $6.17. SRW wheat led today’s price action, which was quite notable given solid U.S. dollar gains.
Cotton: December cotton fell 89 points to 73.20 cents and near the daily low. The cotton futures market saw some profit-taking pressure today, following recent gains.
Cattle: Cattle futures ended Wednesday narrowly mixed, with nearby October live cattle slipping 15 cents to $183.05 and most-active October feeder futures gaining 22.5 cents to $246.025. Expiring September feeder futures, which expire at noon tomorrow, rose 42.5 cents to $245.375. In the aftermath of the big gains posted since late last week, cattle traders seemed uncertain as to short-term market direction Wednesday.
Hogs: December lean hog futures fell 7.5 cents to $74.90 and settled near mid-range. Nearby October futures climbed 35 cents to $82.475. Lean hog futures opened lower this morning but did not see much followthrough selling as the session went on.