Corn: December corn rose 3 cents to $4.11 3/4, ending the session above the 10-day moving average. Corn futures extended Tuesday’s gains, which were somewhat disappointing amid a crude oil rally and extended pressure on the U.S. dollar, which led the greenback to a 3-month low.
Soybeans: August soybeans rose 6 3/4 cents to $10.97 1/4 and near mid-range. September soybean meal closed up $3.40 at $319.40 and near the session high. September soybean oil closed down 81 points at 45.42 cents and near the session low. Tepid short covering was featured in August soybean futures today after prices hit a contract low Monday.
Wheat: December SRW wheat rose 8 cents to $5.63 1/2, while December HRW wheat rose 10 1/2 cents to $5.77 1/2, both closed nearer the session high. December spring wheat rallied 14 1/4 cents to $6.11 1/2. Wheat futures saw an upside price correction today after edging lower the past three sessions.
Cotton: December cotton closed up 70 points at 72.07 cents and near mid-range. The cotton futures market saw more short-covering today, following recent selling pressure.
Cattle: Rebounding live cattle futures supported the livestock complex Wednesday. Nearby August live cattle surged $1.60 to $184.275, but August feeder futures skid 7.5 cents to $258.55. Cash prices for fed cattle are expected to decline again this week, with early confirmation on that point coming Monday and Tuesday.
Hogs: August lean hog futures firmed 37.5 cents to $91.65 though the contract closed nearer session lows. Nearby lean hog futures saw tepid buying today though deferred contracts posted strong gains as strength in pork cutout gives traders confidence an interim low could be in place.