Corn: December corn futures rose 3 1/4 cents to $4.23 and near the session high. The corn futures market saw renewed buying interest from the speculators today as the near-term chart posture for December corn has improved recently, including a minor bull flag pattern forming on the daily chart.
Soybeans: January soybeans rose 1 1/2 cents to $10.50, near mid-range. December soybean meal rose $3.10 to $290.00, near the daily high and also hit a seven-week high. December soybean oil fell 58 points to 50.07 cents, near the daily low. The soybean and meal markets today saw speculator buying interest from the chart watchers, as the near-term technical postures for both have become more bullish recently.
Wheat: December SRW rose 3 1/2 cents to $5.03 3/4, nearer the daily high. December HRW gained 3 1/2 cents to $4.88 1/2, nearer the daily high. December spring wheat futures rose 3 cents to $5.47 3/4. The winter wheat futures markets saw some short covering today and were also supported by gains in corn and soybeans.
Cotton: December cotton fell 68 points to 63.74 cents, near the daily low. December cotton futures today saw renewed technical selling pressure that set the bulls back after recent gains that had suggested the bears were exhausted.
Cattle: December live cattle fell $5.60 to $239.825, near the daily low and hit a two-week low. January feeder cattle fell the daily trading limit of $9.25 to $361.025 and hit a two-week low. Live cattle and feeder cattle futures’ daily trading limits will be expanded Thursday. The live and feeder cattle futures markets were already under selling pressure near midday and that selling accelerated in late trading after President Trump made a social media post.
Hogs: December lean hogs fell 87 1/2 cents to $82.40, nearer the session low. The lean hog futures market saw technical selling pressure today after prices hit a two-month low Tuesday.