Corn: December corn fell 2 3/4 cents to $4.33 3/4, closing near the session low. Corn futures edged lower for the sixth consecutive session as traders position ahead of Friday’s Acreage and Quarterly Stocks Reports.
Soybeans: November soybean futures sunk 2 1/4 cents to $11.04 3/4 and settled nearer session lows. August meal futures firmed $1.10 to $348.10, settling near mid-range. August soyoil firmed a point to 43.73 cents. Soybean futures traded on both sides of unchanged in a relatively narrow range as positioning drove trade ahead of tomorrow’s USDA reports.
Wheat: December SRW wheat rose 18 1/2 cents to $6.01 1/2. December HRW wheat gained 12 1/2 cents to $6.11 1/2. Both markets closed nearer their session highs. September spring wheat futures firmed 14 cents to $6.18. Short covering and perceived bargain hunting were featured in the winter wheat futures markets today after prices hit three-month lows Wednesday.
Cotton: December cotton futures sunk 76 points to 74.58 cents and settled near mid-range. Cotton futures pulled back from recent gains, resuming the longer-term downtrend.
Cattle: August live cattle fell 30 cents to $186.45 after hitting an eight-month high early on. August feeder cattle closed down $1.125 at $260.65. Both markets closed nearer their session lows. June live cattle futures expire at noon Friday. The cattle futures markets saw profit-taking pressure today following recent gains.
Hogs: Hog futures gave back a sizeable portion of Wednesday’s big advance. Nearby July dropped 45 cents to $89.45, with most-active August falling 87.5 cents to $88.10. Weak wholesale prices likely undermined the hog market Thursday.