Corn: December corn futures rose 2 3/4 cents to $3.97 1/4, nearer the session high. The corn bulls today worked to stabilize prices following Tuesday’s surprisingly bearish USDA report.
Soybeans: November soybeans rose 11 1/2 cents to $10.44 1/4, nearer the session high and hit a six-week high. September soybean meal rose $5.60 to $287.00, near the daily high and closed at a six-week high close. September soybean oil rose 15 points to 53.39 cents, near mid-range. The soybean futures market saw some important follow-through buying interest today, following Tuesday’s solid gains.
Wheat: December SRW wheat rose 2 1/4 cents to $5.28 1/4, nearer the daily high and poked to a contract low early on. December HRW wheat fell 2 cents to $5.28, nearer the session low. December HRS was unchanged at $5.95. The winter wheat futures markets are languishing at lower price levels, as wheat traders are being negatively impacted by the slumping corn futures market.
Cotton: December cotton fell 66 points to 67.73 cents, nearer the session low. The cotton futures market saw corrective selling pressure following Tuesday’s solid gains that came after a bullish USDA monthly supply and demand report.
Cattle: October lean hogs fell 82 1/2 cents to $90.775, near mid-range and hit a two-week low. August lean hog futures expire Thursday. The lean hog futures market today saw some profit-taking pressure amid fading cash fundamentals and a solid decline in pork cutout value this week.
Hogs: August live cattle fell 27 1/2 cents to $235.55, nearer the session low. August feeder cattle rose 50 cents to $345.875, near mid-range. The live cattle futures markets today paused and saw some consolidation after good gains early this week.