Corn: July corn rose 4 3/4 cents to $4.54 1/4, closing near the session high and above the 100- and 20-day moving averages. Corn futures continued to face technical headwinds, though USDA’s supply and demand update cast an additional shadow over prices.
Soybeans: July soybeans fell 3/4 cent to $11.77 1/4, near mid-range and hit a five-week low. July soybean meal rose 90 cents to $360.20 and nearer the session low. July soybean oil closed up 12 points at 43.79 cents and nearer the session low. Today’s USDA supply and demand data was a yawner for soybean traders.
Wheat: July SRW wheat fell 9 1/2 cents to $6.17, but ended off the session low, while HRW wheat dropped 17 3/4 cents to $6.37 1/4, marking the lowest close since May 2. July HRS futures closed 10 1/2 cents lower at $6.68 1/4. Wheat futures faced pressure overnight and throughout today’s session but were able to hold an inside range and end well off the daily low.
Cotton: July cotton fell 99 points to 71.74 cents and nearer the session low. Cotton traders saw a bearish USDA monthly supply and demand report today.
Cattle: Cattle futures set back again Wednesday after proving unable to followthrough upon Monday’s strong advance. Expiring June live cattle futures dipped 10 cents to $183.65, while most-active August fell 60 cents to $178.325. August feeder futures slid 7.5 cents to $257.575. The cattle and beef complex remains quite elevated in the wake of last Friday’s surprisingly strong cash market activity and Monday’s strong futures response.
Hogs: July lean hog futures surged $1.425 to $93.70 and settled near mid-range, while nearby June futures edged 7.5 cents higher to $92.025. Lean hog futures saw corrective buying efforts Wednesday, although they closed well off session highs as prices continue to consolidate near five-month lows.