Corn: December corn fell 1 cent to $4.48, near mid-range. The corn futures market today quickly lost traction after a bullish USDA monthly supply and demand report at midday Tuesday. Buying interest in corn futures today was squelched by a rally in the U.S. dollar index to a 1.5-year high following a warm U.S. CPI report Wednesday.
Soybeans: January soybeans rose 2 3/4 cents to $12.30 3/4, nearer the daily high. December soybean meal gained $3.20 to $329.70, near the daily high. December soybean oil rose 111 points to 63.88 cents, near the daily high. The soybean complex today saw more short covering and perceived bargain buying following a bullish USDA report released at midday Tuesday.
Wheat: December SRW rose 6 3/4 cents to $5.99 1/2, nearer the session high. December HRW gained 5 1/4 cents to $6.39 1/2, nearer the daily high. December spring wheat futures rose 6 3/4 cents to $6.35 1/2. The winter wheat futures markets saw short covering and some spillover buying interest from higher soybean complex futures prices today.
Cotton: December cotton futures fell 17 points to 78.52 cents, nearer the daily low. Cotton futures saw mild selling pressure today amid a rally in the U.S. dollar index to a 1.5-year high today following a warm U.S. CPI report Wednesday. Losses in cotton were limited by a solid rally in the U.S. stock market today.
Cattle: December live cattle fell $0.225 to $218.975, near mid-range. January feeder cattle gained $1.125 to $327.80, near mid-range. The live cattle futures market saw some corrective selling pressure from recent good gains. Feeder futures saw more short covering and perceived bargain buying today. Futures price action the past three sessions suggests the bears are exhausted and that a market bottoms may be in place.
Hogs: December lean hog futures rose $0.225 to $56.025, near the daily high. The lean hog futures market saw more tepid short covering and perceived bargain hunting today after the market slumped to contract lows last week.