Corn: March corn rose a nickel to $4.35, a near two-week high close. Corn futures were able to extend above 40- and 10-day moving averages, amid a generally corrective tone across the ag complex as the U.S. dollar index traded lower today.
Soybeans: January soybean futures surged a dime to $9.93 3/4 and closed on session highs. January meal futures sank 60 cents to $287.4. January bean oil futures rallied 89 points to 42.12 cents. Soybean futures saw corrective strength today but continued in the near-term sideways trend.
Price action: January soybean futures surged a dime to $9.93 3/4 and closed on session highs. January meal futures sank 60 cents to $287.4. January bean oil futures rallied 89 points to 42.12 cents. Soybean futures saw corrective strength today but continued in the near-term sideways trend.
Wheat: March SRW wheat rose 10 cents to $5.58 1/4 and near the session high. March HRW wheat rose 10 cents to $5.52 1/2, near the session high. March spring wheat futures rose 9 cents to $5.98 1/2. The winter wheat futures markets saw some short covering today after hitting contract lows earlier this week.
Cotton: March cotton futures rose 15 points to 71.10 cents, near the session low. Cotton futures continue to undergo persistent selling pressure as prices struggle to overcome technical resistance stemming from the mid-October highs.
Cattle: February live cattle fell $2.0 to $186.325. January feeder cattle fell $2.025 to $254.9250. Both markets closed nearer their session lows and hit two-week lows. Fresh technical selling was featured today as the near-term chart postures for both live cattle and feeder cattle futures markets have deteriorated to begin suggesting market tops are in place.
Hogs: Hog futures traded mixed Thursday. The expiring December contract slipping 7.5 cents to $82.425, while most-active February ended the day unchanged to $86.35 while the deferred contracts posted modest gains. Hog traders continue trying to gauge the potential for seasonal price weakness over the next few weeks.