Corn: December corn fell 2 3/4 cents to $6.82 1/4. Corn futures fell as disappointing export numbers underscored a weak demand performance so far in the 2022-23 marketing year. USDA reported net U.S. corn sales of 264,000 MT during the week ended Oct. 20, down from 408,300 MT the previous week and below trade expectations ranging from 350,000 MT to 1.0 MMT.
Soybeans: November soybeans rose 1/2 cent to $13.82 1/4. December soymeal gained $6.70 to $415.40, while December soyoil fell 112 points to 72.30 cents. Soybeans ended with modest gains following two-sided trading, with support stemming from strength in soymeal, easing harvest pressure and strong demand.
Wheat: December SRW wheat fell 2 cents to $8.38 1/2 and December HRW wheat fell 8 1/2 cents to $9.32 1/4. December spring wheat fell 1 1/2 cents to $9.50 1/2. Wheat futures faded from initial strength tied to stronger than expected export numbers and ongoing concern over global grain supplies.
Cotton: December cotton fell 271 points to 75.11 cents, the lowest settlement for a nearby contract since December 2020. Cotton futures extended a steep slide amid a rebound in the U.S. dollar and concern over demand from top global buyers such as China.
Cattle: December live cattle fell 15 cents to $153.425. January feeders fell 80 cents to $180.45. Cattle recovered most of an initial drop amid expectations for further cash market strength. Live steers in five major feedlot areas averaged $150.49 through this morning, up 42 cents from last week’s average. Choice beef cutout values rose $1.63 to $262.49, the highest daily average since Aug. 29.
Hogs: December lean hogs fell $3.375 to $85.125, the contract’s lowest close since Oct. 17. Hog futures plunged to the lowest levels in over a week on signs of softening in short-term cash fundamentals. The CME lean hog index fell 34 cents to $94.47 but remains near a four-week high. Pork cutout values rose 72 cents to $98.46, up from a four-week low Wednesday.