Corn: December corn slid 5 1/4 cents to $3.99 3/4, ending the session below $4.00 for the first time since December 2020. Corn futures faced heavy selling early in the session, pressing below the crucial $4.00 level, though were able to rebound from the intraday low in step with SRW wheat futures around mid-morning.
Soybeans: November soybeans rose 1 1/4 cents to $10.22 1/2, near mid-range and hit a 3.5-year low early on. September soybean meal fell $2.10 to $327.30 and nearer the session low. September soybean oil closed up 55 points at 43.26 cents and nearer the session high. The soybean complex futures markets saw pauses today, with buying interest limited by lower corn prices but selling interest limited by bullish outside markets that included sharp gains in crude oil and a weaker U.S. dollar index.
Wheat: December wheat rose 3 cents to $5.52, ending near mid-range, while December HRW wheat closed 1/2 cent lower at $5.65 3/4, with both forging a high-range close. September spring wheat fell 3 cents to $5.81 1/2. Wheat futures were able to rally from the session lows around mid-morning as extended weakness in the U.S. dollar lent support, as did global production concerns.
Cotton: December cotton closed down 56 points at 68.99 cents and near mid-range. The cotton market bulls had to be extra disappointed today, as futures saw selling pressure despite a strong rally in the U.S. stock market, sharply higher crude oil prices and a lower U.S. dollar index.
Cattle: The cattle market slipped Wednesday, likely in anticipation of flat-to-weak cash prices later in the week. Nearby August futures slid 57.5 cents to $187.125. Falling grain and soy prices encouraged feeder buyers; the nearby August contract rebounded 27.5 cents to $257.25. The cattle and beef sector continues to perform well, as indicated by last week’s cash market rebound to $195.21 and the choice beef market’s late rebound toward $315.00.
Hogs: October lean hog futures climbed $1.15 to $75.925 and settled near session highs. Nearby August futures rose $1.075 to $92.275. Lean hog futures saw resurgent buying interest though they remain well below this week’s highs as prices continue to be supported by strength in cash fundamentals.