Corn: December corn rose 3 3/4 cents to $4.07, marking a one-week high close. Corn futures were able to rebound modestly from overnight lows, though a general risk-off tone across the global marketplace limited buying in the grain complex as recessionary and geopolitical concerns heightened cautionary sentiments.
Soybeans: November soybean futures rose 13 1/2 cents to $10.40 3/4 and closed on session highs. September meal futures rallied $5.00 to $338.70, closing on session highs. September bean oil futures slid 59 points to 41.09 cents and closed near the session’s mid-point. Soybeans rebounded from sharply lower trade overnight and closed higher on the day and nearer session highs, showing strength despite a risk-off attitude in outside markets.
Wheat: December SRW wheat rose 1 cent to $5.63 1/4 and nearer the session high. December HRW wheat rose 1/2 cent to $5.76 3/4 and nearer the session high. September spring wheat futures sunk 7 1/2 cents to $5.87 1/2. The winter wheat futures markets today did not fare too badly given the rout in global stock markets and high trader and investor anxiety in the general marketplace.
Cotton: December cotton fell 47 points to 67.78 cents, a new-for-the-move low. December cotton futures rebounded from fresh contract lows carved in overnight trade, though technical pressure and looming cautionary sentiments curbed buying momentum.
Cattle: October live cattle fell $3.075 to $179.00, near mid-range and hit a 2.5-month low. October feeder cattle plummeted $7.35 to $239.225, nearer the session low and hit a nine-month low. The cattle futures markets were hit hard today by keen risk-off attitudes in the general marketplace amid the global stock market meltdown. Recent downbeat U.S. economic data may be sapping consumer confidence that could lessen demand for beef at the retail meat counter.
Hogs: October lean hog futures skidded 85 cents to $75.725, though closed well off session lows. Nearby August futures sunk $1.05 to $91.15. Lean hog futures faced modest selling pressure, showing relative strength to the sinking cattle markets.