Corn: March corn rallied 6 cents to $4.76 1/2, marking the highest close since June 18. Corn futures extended to a new for-the-move high, extending last week’s strength in the wake of bullish government data.
Soybeans: March soybeans closed on session highs, up 27 3/4 cents to $10.53. March meal surged $9.50 to $307.80, on session highs. March bean oil climbed 41 points to 45.99 cents. Soybeans surged higher for the second consecutive session, building off fundamental strength as reported in Friday’s USDA reports.
Wheat: March SRW wheat rose 14 1/4 cents to $5.45, near the daily high. March HRW wheat gained 9 1/4 cents to $5.61 and near the daily high. March spring wheat futures rose 9 1/4 cents to $5.93 1/2. The winter wheat futures markets saw short-covering and bargain-hunting buying interest today, amid solid gains in corn and soybean futures the past two trading sessions.
Cotton: March cotton rose 63 points to 67.64 cents, closing nearer the session high. Cotton futures posted modest corrective gains following Friday’s heavy selling, with a rally in the ag complex lending support.
Cattle: February live cattle fell $1.375 to $197.40, near the session low after hitting a 15-month high Friday. March feeder cattle lost $1.50 to $267.90, near the session low after hitting a contract high Friday. The cattle futures markets today saw some routine profit-taking pressure following recent gains.
Hogs: February lean hog futures led the complex higher, closing 62.5 cents higher to $83.175. Lean hog futures worked higher for the fourth consecutive session as cash fundamentals turn more supportive.