Corn: March corn futures fell 1/4 cent before settling at $4.79 1/4, on session lows. Corn futures saw action on both sides of unchanged as bulls were unable to maintain overnight gains, continuing the recent downtrend.
Soybeans: January soybeans rose 6 1/2 cents to $13.14, ending the session above the 10-day moving average, while January meal rose $1.50 to $403.70. January soyoil fell 32 points to 49.51 cents. Overnight strength eased into this morning’s open amid tepid weekly export sales data, while a fourth straight daily sale added little optimism.
Wheat: March SRW wheat rose 10 1/2 cents at $6.15 3/4. March HRW wheat gained 4 1/2 cents at $6.36 1/2. Prices closed nearer their daily highs. March spring wheat rose 3 3/4 cents to $7.17 1/4. The wheat futures markets saw corrective price gains today following Wednesday’s stronger selling pressure.
Cotton: March cotton fell 37 points to 80.81 cents, closing near the session low. Cotton futures continued in sideways consolidative trade, mostly between the 40- and 10-day moving averages, despite strong support from the outside markets.
Cattle: February live cattle rose 70 cents to $167.925 and near mid-range. January feeder cattle gained $1.975 to $219.35, nearer the session low and hit a two-week high early on. More short covering and perceived bargain buying in the cattle futures markets were featured today, amid significantly improved trader and investor risk appetite in the general marketplace following the surprising pivot Wednesday afternoon by the Federal Reserve to a more accommodative U.S. monetary policy.
Hogs: The December hog contract expired at $67.175 at noon today, down 75 cents from Wednesday. In contrast, February futures led the 2024 contracts sharply higher, leaping $3.75 to $70.475. After remaining under consistent downward pressure over the past two weeks, deferred hog futures turned sharply higher Thursday.