Corn: March corn rose 1 1/4 cents to $4.66 1/2, a mid-range close. Early session corrective gains waned as the noon hour approached, with weakness across the soy complex weighing on corn prices, though rallying SRW wheat limited losses.
Soybeans: March soybeans fell 9 1/2 cents to $12.6 1/2, closing nearer session low and made a fresh 6.5-month low. March soymeal dropped $4.20 to $376.20, settling near session low. March soyoil slipped 44 points to 48.16 cents. Soybeans continue to face persistent selling pressure, breaking prices to the lowest level since late June.
Wheat: March SRW wheat rose 13 1/4 cents to $6.13 1/2, near the session high and hit a four-week low early on. March HRW wheat gained 4 1/4 cents at $6.25 3/4, near the session high though hit a five-week low early on. March spring wheat futures firmed 2 3/4 cents to $7.11 1/4. The wheat futures markets today saw some short covering and perceived bargain hunting following early week selling pressure.
Cotton: March cotton dropped 81 points, settling at 80.12 cents, near session low. Cotton futures continue to trade violently sideways, lacking direction as outside markets continue to face volatility.
Cattle: February live cattle fell 72 1/2 cents to $171.125 and near mid-range. March feeder cattle closed down $1.375 at $225.65 and nearer the session low. There is still some trader and investor trepidation in the general marketplace late this week, evidenced by this week’s sell-off in the U.S. stock indexes.
Hogs: Firm wholesale prices and fresh cash strength sparked big gains in hog futures Thursday. Nearby February led the gains, jumping $3.75 to $69.05. As indicated yesterday, the hog index looked set to turn higher when officially quoted (for Tuesday) this morning.