Corn: March corn fell 5 3/4 cents to $4.79 1/2, marking the lowest close since Nov. 29. Corn futures edged lower, in tandem with the soy complex and wheat futures as the marketplace remained largely subdued amid the two-day Federal Reserve monetary policy meeting which began today and ends Wednesday afternoon with a statement from Fed Chair Powell.
Soybeans: January soybeans fell 16 1/4 cents to $13.07 1/2. March soybean meal dropped $8.00 to $393.60. March bean oil closed down 56 points at 49.85 cents. All three markets closed nearer their session lows. Forecast rains in Brazil beginning early next week were a bearish element for the soy complex futures today.
Wheat: March SRW futures fell 20 1/4 cents before settling at $6.05 1/4, nearer session lows. March HRW futures dropped 24 3/4 cents to $6.32. March spring wheat fell 16 cents to $7.13 1/2. Wheat futures continue to face volatility day to day, with bears owning the advantage today.
Cotton: March cotton rose 13 points to 81.18 cents and near mid-range. The cotton futures market saw the bullish element of rallies in the U.S. stock indexes to new multi-month highs today offset by crude oil prices dropping to a 5.5-month low early today.
Cattle: After trading on both sides of unchanged, cattle futures moved lower Wednesday. Expiring December live cattle fell 75 cents to $166.95, while most-active February dropped $1.375 to $167.225. January feeder futures tumbled $1.8075 to $217.375. Early-week wholesale strength likely played a role in concurrent gains in cattle and feeder futures, whereas today’s slippage at the cash and wholesale levels probably undercut futures.
Hogs: February lean hog futures dropped $1.525 to $66.725, settling nearer session lows. December futures, which expire at noon tomorrow, rose 10 cents to $67.925. Lean hog futures showed recent weakness on this morning’s open, though rising cash fundamentals limited selling pressure as the day went on.