Corn: December corn futures fell 2 3/4 cents to $4.26 3/4, nearer the daily low. The corn futures market today saw some profit-taking pressure after prices hit a 2.5-month high on Tuesday.
Soybeans: November soybeans fell 6 cents to $10.43 3/4, near the session low after hitting a three-week high early on. December soybean meal fell 40 cents to $285.70, nearer the daily low. December soybean oil fell 142 points to 51.78 cents, near the daily low. The soybean market saw some profit-taking pressure from the shorter-term futures traders today, following recent gains.
Wheat: December SRW wheat fell 5 3/4 cents to $5.28 1/4, near the session low and hit a five-week high early on. December HRW lost 7 1/4 cents to $5.16 1/4, near the session low and hit a three-week high early on. December spring wheat futures fell 2 1/2 cents to $5.74. The winter wheat futures markets hit multi-week highs early on today but then backed off on some profit-taking by the shorter-term futures traders amid lower corn and soybean futures prices today.
Cotton: December cotton fell 43 points to 67.25 cents, nearer the daily low and hit a three-week high early on today. The cotton futures market today lost some ground amid a sell off in the grain futures markets and some trader trepidation ahead of this afternoon’s FOMC meeting conclusion and press conference from Fed Chair Powell.
Cattle: October live cattle fell $2.35 to $231.10, near mid-range. September feeder cattle lost $3.30 to $355.025, nearer the session low. The live and feeder cattle futures market bulls are fading fast this week as prices are now starting to trend down on the daily bar charts, amid deteriorating cash cattle and beef market fundamentals.
Hogs: October lean hogs fell 5 cents to $97.325, nearer the daily low. The lean hog futures market saw some chart consolidation at mid-week, after hitting a contract high Tuesday.