Corn: December corn fell 6 1/4 cents to $4.37 1/4, marking the lowest close since Dec. 5. Corn futures fell victim to plunging soybean futures, largely driven by continued selling in soyoil futures.
Soybeans: January soybeans fell 25 cents to $9.51 3/4, near the daily low and hit a contract low. January soybean meal lost $7.70 to $279.50, near the session low and hit a contract low. January soybean oil fell 107 points to 39.55 cents, near the session low and hit a three-month low. Today’s washout-type downside price moves in the soybean complex futures have the bulls hoping near-term market bottoms might be close at hand.
Wheat: March SRW wheat futures fell 3 3/4 cents to $5.41 1/4, a contract low close, while March HRW wheat fell 3 3/4 cents to $5.48 3/4, ending nearer the session low. March HRS futures fell 3 cents to $5.92. Wheat futures extended lower for the fifth straight session, giving up gains scored in overnight trade.
Cotton: March cotton fell 61 points to 68.08 cents, near the session low and closed at a contract low close. The cotton futures market saw more chart-based selling pressure today amid eroding near-term technicals.
Cattle: Cattle and feeder futures continued their slide Wednesday, with expiring December cattle falling 95 cents to $191.30 and most-active February losing $1.425 to $188.325. January feeders slid 47.5 cents to $257.00. Traders apparently expect short-term cash market weakness across the cattle complex, since Dec. live cattle closed about $3.00 below last week’s cash average with just two weeks until the contract’s expiration on New Year’s Eve.
Hogs: February lean hog futures climbed 50 cents to $83.70 and settled nearer session highs. Lean hog futures saw modest strength today despite weakness seen across the crop and livestock markets as cash fundamentals have traders looking for an early seasonal low.