Corn: December corn rose 2 1/4 cents to $6.67 1/2 after falling as low as $6.54 3/4. Corn rebounded as strong export numbers encouraged buyers and offset bearish outside markets, including a stronger dollar and slumping crude oil. Prices fell overnight after the United Nations announced an agreement to extend a deal allowing grain shipments from Ukraine’s Black Sea ports.
Soybeans: January soybeans fell 12 1/4 cents to $14.17, the lowest close since Oct. 28. December soymeal fell 90 cents to $405.70. December soyoil fell 195 points to 72.13 cents. Soybeans and soyoil settled near three-week lows amid weakness in global vegoil and crude oil prices.
Wheat: December SRW wheat fell 10 3/4 cents to $8.06 3/4, after earlier falling to a 2 1/2-month low of $7.93 3/4. December HRW wheat dropped 17 1/2 cents to $9.38. December spring wheat fell 11 3/4 cents to $9.53 3/4. Wheat futures fell as the extension of an agreement allowing grain exports from Ukraine’s Black Sea ports eased supply concerns.
Cotton: December cotton fell 140 points to 87.04 cents. Cotton futures fell on poor export numbers and strength in the U.S. dollar. Early today, USDA reported net weekly U.S. cotton sales of 25,100 running bales (RB), down from 145,800 RB the previous week.
Cattle: December live cattle rose 95 cents to $152.75, the highest close since Nov. 10. January feeder cattle gained $2.50 to $179.975. Live cattle were supported by expectations for continued strength in cash prices even though the market this week has been slow to develop. Through this morning, live steers averaged $152.02, down 69 cents from last week’s average.
Hogs: December lean hogs fell 60 cents to $84.975, while February gained 45 cents to $90.80, a three-week high. Weakness in cash fundamentals continued to burden nearby futures. The CME lean hog index fell 31 cents to $88.22, a nine-month low, and Friday’s quote is expected to drop 8 cents. Pork cutout values fell $1 to $92.63, as a drop of over $6 in bellies helped send the average near a 10-month low.