Corn: December corn futures closed steady at $3.97 1/4, near the daily high.The corn market bulls are still working to stabilize prices following Tuesday’s surprisingly bearish USDA report. Bulls have managed to keep December futures prices above Tuesday’s contract low, which is a small victory.
Soybeans: November soybeans fell 15 3/4 cents to $10.28 1/2, near the daily low and hit a six-week high early on. September soybean meal fell $2.70 to $284.30, near the daily low and hit a six-week high early on. September soybean oil fell 140 points to 51.99 cents, near the daily low and hit a six-week low. The soybean market saw what is so far just routine profit-taking pressure today, following good gains posted Tuesday and Wednesday.
Wheat: December SRW wheat fell 3 3/4 cents to $5.24 1/2, near mid-range and hit another contract low. December HRW wheat fell 2 cents to $5.26, near mid-range and set a contract low. Spring wheat futures fell a nickel to $5.72. The winter wheat futures markets saw technical selling pressure from the speculators featured today, as their near-term chart postures continue fully bearish.
Cotton: December cotton fell 5 points to 67.68 cents, nearer the session low. The cotton futures market continues to languish in a sideways trading range that has been in place for two months.
Cattle: August live cattle fell $2.20 to $233.35, nearer the daily low. August feeder cattle fell $5.475 to $340.40, nearer the daily low. The live and feeder cattle futures markets have seen their near-term technical postures deteriorate a bit recently.
Hogs: October lean hogs fell $1.65 to $89.125, nearer the daily low and hit a two-week low. August lean hog futures expired today and went off the board at $109.65. The lean hog futures market was hit by more profit-taking pressure today, along with weak long liquidation from the speculators.