Corn: July corn rose 3/4 cent to $4.18, a near three-week-high close. Corn futures extended gains for a third straight day, a feat that has not occurred in two months, as outside markets lent support, though technical resistance continued to limit earnest buying.
Soybeans: November soybeans fell 11 1/2 cents to $10.64 and near the session low. September soybean meal gained 70 cents to $326.10, nearer the session low and hit a more-than-two-week high early on. September soybean oil closed down 80 points at 45.28 cents and nearer the session low. Soybean bulls were disappointed today as November soybeans posted losses despite a lower U.S. dollar index today and as the corn and wheat futures markets were able to at least hold onto recent gains, albeit prices were down from their daily highs.
Wheat: December SRW wheat rose 3 1/4 cents to $5.71, while December HRW wheat rose 1/2 cent to $5.83 3/4. Both forged near mid-range closes. December HRS futures fell 4 3/4 cents to $6.28 1/4. Winter wheat futures favored the upside today, with support stemming from U.S. dollar weakness, though continued to trade in a mostly sideways, consolidative pattern.
Cotton: December cotton closed down 83 points at 68.65 cents, near mid-range and hit a fresh contract low. The cotton futures market sold off again today and hit a new for-the-move low amid a big sell-off in the U.S. stock market that could dampen consumer demand for apparel heading into the fall—if the selling pressure in equities continues.
Cattle: Nearby August live cattle futures edged higher Wednesday, rising 60 cents to $186.90, whereas the 2025 contracts declined. That may have reflected sizeable losses suffered by feeder futures, where nearby August fell $1.625 to $257.125. A few hundred head of fed cattle changed hands in the $187.00 (Kansas) to $188.00 (Texas-Oklahoma) range Tuesday.
Hogs: August lean hog futures firmed 12.5 cents to $93.775 and settled nearer session highs. Deferred contracts posted stronger gains. Lean hog futures tumbled on this morning’s open though they rebounded as the session went on, closing higher on the day.