Corn: March corn futures fell 3/4 cent to $4.48 1/4, near the session low after hitting a nine-week high early on. The corn futures market saw technical buying featured again early today, but mild profit-taking set in later in the day.
Soybeans: January soybean futures settled 3/4 cent higher at $9.95 1/2 and near mid-range. January meal futures lost 90 cents to $291.10. January bean oil futures closed 28 points lower to 42.44 cents and near session lows. Soybeans led strength today following this morning’s open, closing at a three-week high.
Wheat: March SRW wheat rose 1 1/2 cents to $5.63 1/4, nearer the daily low and hit a two-week high early on. March HRW wheat rose 1 1/2 cents to $5.67 1/4 and near mid-range. Prices hit a nearly three-week high early on today. March spring wheat futures closed steady at $6.06 1/2. The winter wheat futures markets today saw more mild short covering and also some buying support from the recently surging corn futures market.
Cotton: March cotton futures rebounded strongly Wednesday, surging 67 cents to 70.15 cents/pound at the close. The cotton outlook seems less than promising, especially with export demand prospects remaining weak and USDA having boosted its production estimate in Tuesday’s Supply & Demand and Crop Production reports.
Cattle: Cattle futures continued their recent surge, with expiring December live cattle jumped $2.40 to $192.25, with most-active February advancing $2.35 to $191.375. January feeder futures rallied $1.725 to $259.05. Technical issues have delayed USDA’s Wednesday report on cash cattle trading in the five-area markets, but today’s futures action suggests any trading that occurred confirmed the strength implied by Monday’s action.
Hogs: February lean hog futures fell 20 cents to $84.375 while expiring December futures climbed 57.5 cents to $83.50. Hog futures surged on Wednesday’s opening but struggled to maintain gains as sellers quickly took hold of today’s session, closing prices lower on the day.