Corn: December corn futures fell 3 cents to $4.23 3/4, near the daily low. The corn market saw some more profit-taking pressure from the shorter-term traders. Solid gains in the U.S. dollar index today were also negative for the grain markets.
Soybeans: November soybeans fell 6 1/4 cents to $10.37 1/2, nearer the session low. December soybean meal fell $1.00 to $284.70, nearer the daily low and hit a two-week low. December soybean oil fell 65 points to 51.13 cents, near the daily low. The soybean market today saw more profit-taking pressure from the shorter-term futures traders.
Wheat: December SRW wheat fell 4 cents to $5.24 1/4, near the session low. December HRW lost 6 1/4 cents to $5.10, nearer the session low. Spring wheat futures fell 2 1/4 cents to $5.71 3/4. The winter wheat futures markets hit multi-week highs Wednesday but have now given back all of this week’s gains.
Cotton: December cotton fell 35 points to 66.90 cents, near mid-range. The cotton futures market bulls have lost steam quickly after hitting a three-week high Wednesday. A stronger U.S. dollar index today was a bearish outside-market element for the natural fiber.
Cattle: October live cattle rose $1.275 to $232.375, nearer the daily high. September feeder cattle rose $3.15 to $358.175, nearer the daily high. The cattle futures markets today clawed back some of Wednesday’s losses but the bulls are still wobbly amid deteriorating cash and beef market fundamentals and fading near-term technical postures.
Hogs: October lean hogs rose 15 cents to $97.475, nearer the daily high. The lean hog futures market is seeing some chart consolidation late this week, after hitting a contract high Tuesday.