Corn: December corn rose 3 1/2 cents to $4.00 3/4, nearer the session high. Corn futures gathered steam shortly after this morning’s open, in unison with soybean futures, which notched correctively higher along with soymeal futures following a six-day sell off.
Soybeans: November soybeans rose 6 cents to $9.68 1/2 and nearer the session high. September soybean meal closed up $5.30 at $305.10 and nearer the daily high. September soybean oil closed down 28 points at 40.01 cents and nearer the session low. The soybean and soybean meal markets saw some short covering today after hitting contract lows today and Tuesday, respectively.
Wheat: December SRW wheat rose 4 1/2 cents to $5.56 1/4, nearer the session high, while December HRW fell 1 1/4 to $5.61 1/4, forging a mid-range close. September HRS futures fell a penny to $5.92. Wheat futures continued to face technical hurdles at midweek combined with limited outside market support.
Cotton: December cotton fell 94 points to 67.05 cents, near the daily low and closed at a contract low close. The cotton futures market faced more technical selling pressure today, as the chart posture remains bearish.
Cattle: The cattle market broke out to the two-week highs Wednesday. Expiring August live cattle futures rose 60 cents to $184.60, while most-active October surged $1.375 to $182.125. August feeder futures climbed $1.425 to $247.90, which fell short of the $2.175 rise posted by October feeders, which reached $242.10. Bears likely started this week thinking they had swung market fundamentals and momentum in their favor, especially after packers forced cash prices over $3.00 lower, to $191.34 last week.
Hogs: October lean hog futures surged $3.075 to $75.925 and settled near session highs. August lean hog futures expired at noon, firming 20 cents to $90.10. Lean hog futures surged on stronger than expected trade in the cash market.