Corn: July corn fell 33 cents to $5.90, the lowest close since May 25. December corn fell 24 1/4 to $5.36 3/4, near the session low. Both contracts ended the session below their respective 20-, 100- and 40-day moving averages. Corn futures handed back yet another big portion of recent gains amid improving prospects for increased moisture throughout the Corn Belt.
Soybeans: November soybeans dropped 29 1/4 cents to $12.65 and nearer the session low. August soybean meal fell $6.30 to $393.70 and nearer the session low. August bean oil closed lost 123 points at 57.67 cents, nearer the session low after hitting a 3.5-month high early on today. The flush in the grain and soybean complex futures markets continued at mid-week, with weak long liquidation featured amid weather forecasts that have added better precipitation chances for the Midwest over the next two weeks.
Wheat: July SRW futures fell 29 1/4 cents before settling at $6.55 3/4, near the session low. July HRW futures led the complex lower, falling 37 cents before closing at $8.00 3/4, while July spring wheat futures fell 29 1/2 cents to $8.03 3/4. Wheat futures fell under pressure again today as most outside markets were bearish and world production prospects increase.
Cotton: December cotton rose 30 points to 77.36 cents but finished nearer the session low. The cotton futures market saw some short covering today after hitting a six-month low Tuesday.
Cattle: Expiring June live cattle futures (which expire at noon Friday, 6/30) rose 32.5 cents to $179.625 Wednesday, while most-active August jumped $1.375 to $173.875. August feeder futures leapt $1.75 to $240.25. It seems the cash cattle and wholesale beef markets are not falling as far and/or as swiftly as bears anticipated, as exemplified by this week’s futures advance in the face of losses in those areas.
Hogs: August lean hog futures rose 5 cents to $91.10, near the middle of today’s trading range. Nearby July futures rose 15 cents to $94.275. Lean hog futures continue to break out of the recent sideways range despite the cash index continuing its comparatively slow seasonal advance.