Corn: December corn fell 4 1/2 cents to $4.00 3/4, a near mid-range close. A gap lower overnight in December corn futures set the stage for follow-through selling into the day session, with a second straight day of U.S. dollar strength following the recent selloff seemingly counterweighing any optimism around surging crude oil futures.
Soybeans: November soybeans fell 8 cents to $10.18 3/4 and near mid-range. September soybean meal closed down $7.00 at $323.60, nearer the session low and hit a two-week low. September soybean oil closed up 122 points at 42.07 cents and near the session high. The soybean and meal markets saw some selling pressure today amid a continued rebound in the U.S. dollar index, after it hit a six-month low Monday.
Wheat: December SRW wheat fell 4 1/2 cents to $5.62, while December HRW fell 6 cents to $5.72 1/4, each forging low-range closes. September spring wheat fell 6 3/4 cents to $5.85 3/4. Despite inching up from recent lows, wheat futures continue to be plagued by bears’ technical advantage, with a two-day rebound in the U.S. dollar crimping buyer interest at mid-week.
Cotton: December cotton rose 43 points to 67.73 cents, near mid-range after hitting a contract low early on. Short covering and perceived bargain hunting were featured in the cotton futures market today after December futures prices hit a contract low in the early going.
Cattle: Anticipation of cash market weakness likely capped rally attempts in live cattle futures Wednesday, with the nearby August contract working up 30 cents to $182.275 and most-active October rising 22.5 cents to $179.275. The expiring August feeder cattle contract slipped 37.5 cents to $242.625, whereas September feeders fell $1.675 to $238.90.
This week’s early cash trade indicates the weekly average is likely to decline from last week’s relatively elevated level of $194.45. A few steers (116 head) changed hands in the TX-OK-NM area at $185.00 Monday, with many more (2,668 head) trading at $193.00 in IA-so. MN. yesterday.
Hogs: October lean hog futures plunged $1.825 to $74.575 and settled near session lows. Nearby August futures sank 67 1/2 cents to $90.60. Lean hog futures continue to fall under selling pressure as the late seasonal strength in the CME lean hog index has waned.