Corn: December corn fell 1 1/2 cents to $5.34 1/4, near mid-range. The corn futures market saw profit-taking pressure and some weak long liquidation today, ahead of this afternoon’s Fed FOMC meeting’s conclusion. Selling interest was somewhat limited by seemingly relentless rains and some flooding in Iowa.
Soybeans: November soybeans rose 1 3/4 cents to $13.20 1/2, near mid-range. December soybean meal rose $0.20 to $365.60, nearer the daily high and hit a 2.5-year high for the contract. December soybean oil fell 68 points to 69.67 cents, nearer the daily low. The soybean complex markets saw overnight gains fade during the day session. A big drop in crude oil and nervousness in the general marketplace ahead of today’s FOMC meeting conclusion likely prompted some position-evening selling pressure.
Wheat: December SRW rose 2 1/4 cents to $7.30 3/4, nearer the session high. December HRW gained 3 1/4 cents to $7.99 1/2, nearer the session high. December spring wheat futures rose 7 1/2 cents to $7.56, near the daily high. The winter wheat futures markets saw some mild profit taking and weak long liquidation for much of the session, but buyer interest intensified late to push prices above unchanged by the close. Some of the session was likely position-evening ahead of this afternoon’s FOMC meeting conclusion.
Cotton: December cotton futures fell 12 points to 84.36 cents, near mid-range. Cotton futures saw a pause today, ahead of this afternoon’s FOMC meeting conclusion. Sharp losses in crude oil futures today did limit buying interest in cotton futures.
Cattle: October live cattle fell $2.25 to $218.45, near the session low. November feeder cattle lost $5.80 to $323.10, near the daily low. The live and feeder cattle futures markets today saw more profit-taking and corrective selling pressure from recent good gains. Selling across most of the raw commodity sector, led by a big drop in crude oil prices, also pressured the cattle futures markets.
Hogs: October lean hog futures fell $0.40 to $78.675, nearer the daily low and hit another 15-month low. The lean hog futures market saw mild technical selling and weak long liquidation in a choppy trading session. The near-term chart posture is now firmly bearish. A weakening cash hog market is also negative for lean hog futures.