Corn: March corn fell 1/2 cent to $6.53 1/2 after earlier hitting its highest level since Dec. 2. Corn fell for the first time in five sessions as profit-taking emerged following the recent upturn. Price rose initially behind strength in soybean, wheat and crude oil markets and a sharp drop in the U.S. dollar index.
Soybeans: January soybeans rose 19 1/4 cents to $14.79 3/4. January soymeal rose $2.10 to $452.30. January soyoil rose 192 points to 64.12 cents, the contract’s highest close since Dec. 2. Soybean futures climbed near last week’s highs as fresh export business, concern over dryness in South America and bullish technicals fueled speculative buying.
Wheat: March SRW wheat fell 4 cents to $7.50 3/4, after reaching the highest level in over a week. March HRW wheat rose 3 cents at $8.65 1/4. March spring wheat rose 6 1/2 cents to $9.22 3/4. Wheat ended mixed, with SRW failing to hold early gains despite dollar weakness.
Cotton: March cotton rose 224 points to 81.63 cents after hitting a two-week low early on. Cotton rebounded from initial declines behind short covering and corrective buying spurred in part gains in crude oil and U.S. equities and sharp weakness in the dollar.
Cattle: February live cattle rose 25 cents to $156.35, the contract’s highest close since Nov. 22. January feeders gained 57.5 cents to $184.225. Live cattle jumped to a three-week high as resurgent wholesale beef fueled optimism over demand amid an outlook for tight supplies of slaughter animals. Choice beef cutout values fell $2.07 to $254.95 after soaring $8.09 Monday.
Hogs: February lean hogs rose 87.5 cents to $84.575. Hogs gained behind strength in wholesale pork and ideas the cash market is near a bottom. The CME lean hog index fell 52 cents to $81.47 (as of Dec. 9), the lowest since late January, but Wednesday’s quote is expected to gain 15 cents. Wholesale pork extended a recent upturn, with pork cutout values jumping $4.20 to a three-week high at $91.14, driven by a gain of over $36 in bellies. Movement was strong at 343 loads.