Corn: December corn futures fell 2 cents to $3.90 3/4 and nearer the session low. Prices this week hit a contract low. The corn futures market today fell victim to bearish outside markets that included a sharp rebound in the U.S. dollar index and lower crude oil prices.
Soybeans: November soybean futures fell 9 1/2 cents to $9.77 though settled well off session lows. September meal futures fell $6.5 to $310.8, nearer session lows. September bean oil firmed 65 points to 41.80 cents. Soybean futures underwent heavy selling pressure, negating much of this week’s rally.
Wheat: December SRW wheat rose 6 cents to $5.41 1/2. December HRW wheat gained 9 cents to $5.55 3/4. Both markets closed nearer their session highs. The winter wheat futures markets today saw short-covering, corrective price rebounds after hitting contract lows earlier this week.
Cotton: December cotton futures sunk 143 points to 68.55 cents and settled nearer session lows. Cotton futures underwent heavy selling pressure today, further cementing bears’ hold on the market.
Cattle: Sustained wholesale weakness likely undercut cattle and feeder futures Wednesday. Expiring August live cattle (which go off the board at noon Friday) fell $1.425 to $183.75, while most-active October slid 77.5 cents to $178.625. August feeder futures, which expire at noon tomorrow, sagged 65 cents to $243.55 and most-active October dropped 62.5 cents to $241.30. This week’s early losses in beef cutout values strongly suggest grocers completed their buying for planned Labor Day features last Friday.
Hogs: Stable cash and wholesale prices seemed to translate into mixed futures action Wednesday, with nearby October futures skidding 40 cents to $81.675, while the deferred contracts posting modest gains. A modest one-day advance in cash prices Monday limited that day’s drop in the two-day hog index quote to just 4 cents, to $87.82.