Corn: December corn rose 3 3/4 cents to $6.15 3/4. Corn futures climbed behind corrective buying following losses earlier this week, with stronger export numbers adding support. USDA reported net weekly U.S. corn export sales totaling 750,000 MT for 2022-23, nearly quadruple the previous week’s 191,300 MT.
Soybeans: November soybeans 15 1/2 cents to $14.05 1/4. September soymeal rose $8.80 to $449.40. September soyoil fell 115 points to 66.26 points. Soybeans gained as stronger USDA export data overshadowed bearish weather. USDA reported 2022-23 net weekly sales of 1.303 MMT, primarily for China (779,000 MT) and the highest weekly figure since late March.
Wheat: September SRW wheat plunged 31 3/4 cents to $7.31 1/2, the contract’s lowest closing price since Oct. 13. September HRW wheat sank 38 1/2 cents to $8.12 1/2, the contract’s lowest close since Feb. 7. September spring wheat fell 30 3/4 cents to $8.52 3/4. SRW wheat futures tumbled to 10-month lows as eroding chart patterns fueled speculator selling and accelerating shipments from Ukraine eased supply concerns.
Cotton: December cotton fell 84 points to 112.70 cents. Cotton fell on profit taking following the steep rally the previous week and on strength in the U.S. dollar. USDA reported net weekly U.S. cotton export sales of 49,500 running bales (RB) for 2022-23, down from sharply from 102,400 RB the previous week.
Cattle: October live cattle fell $1.10 to $144.75. September feeder cattle fell $1.85 to $185.275. Cattle futures ended lower in a pullback from strong gains the two previous sessions. USDA-reported live steers averaged $147.46 so far this week, indicating prices will surpass last week’s average of $144.39. Choice beef cutout values rose 5 cents to $264.39 on strong movement of 132 loads.
Hogs: October lean hogs fell the $4.75 daily trading limit to $93.30, the lowest closing price in nearly five weeks. Hog futures extended a sharp downturn on chart breakdowns and beliefs the cash market peaked as the market heads into a seasonally weak period. Pork cutout values rose $1.44 to $119.91, up from a five-week low. Movement improved slightly to 286 loads.