Corn: December corn rallied 6 3/4 cents to $4.24 3/4, marking a monthly and quarterly high close. USDA’s lighter-than-expected Sept. 1 stocks figure stirred bulls’ enthusiasm this morning, as December corn futures rallied to a near three-month high shortly after the government’s Quarterly Grain Stocks Report hit the airwaves.
Soybeans: November soybeans fell 8 3/4 cents to $10.57, while December meal closed down $2.50 at $341.60, each closing near the session low. December soyoil rallied 95 points to 43.31 cents, closing near the session high and above the 100-day moving average. Soybeans advanced last week’s gains after gapping lower overnight and floundering around unchanged in early morning trade.
Wheat: December SRW wheat rose 4 cents to $5.84 and near mid-range. December HRW wheat gained 7 cents to $5.83 3/4 and nearer the session high. December spring wheat futures rallied 11 cents to $6.19 1/4. The wheat futures markets today got a lift from a rally in corn futures to start the trading week.
Cotton: December cotton rose 89 points to 73.61 cents, marking a high-range close. Cotton futures held a fairly narrow range to start the week, with technical support limiting losses.
Cattle: December live cattle rose 32 1/2 cents to $184.80 and nearer the session high. November feeder cattle fell 80 cents to $244.90 and nearer the session low. Both markets last Friday hit two-month highs. The cattle futures markets today saw a pause and some chart consolidation following recent good gains.
Hogs: December lean hogs fell 10 cents to $73.275 and nearer the session high. The lean hog futures market has recently paused after decent gains through most of September.