Corn: December corn futures fell 2 cents to $4.27 1/4 and near the session low. The corn futures market for much of the session held close to steady levels as soybean futures were lower and wheat futures were a bit firmer.
Soybeans: January soybeans fell 11 1/4 cents to $9.98 1/2, while December soymeal fell $1.70 to $288.60, each forging low-range closes. December soyoil fell 68 points to 44.84 cents. Soybeans extended lower as technical pressure continued to curb buying interest.
Wheat: December SRW futures rallied 2 1/2 cents to $5.49 3/4 though closed well off intraday highs. December HRW futures climbed 3 cents to $5.58 1/4. December HRS futures rose 1 3/4 cents to $5.86 3/4. Wheat futures showed relative strength today and even posted solid gains at mid-morning, though profit-taking and resurgent selling pressure closed futures well off intraday highs.
Cotton: December cotton rose 27 points to 66.89 cents, nearer the session high. December cotton futures notched modest corrective gains as Monday’s low held as support.
Cattle: December live cattle futures surged $2.475 higher to $186.575 and closed on session highs. January feeder cattle futures climbed $2.50 to $252.00, closing on session highs. Live cattle futures continue to surge higher, with December futures settling well above last week’s cash average, negating the recent discount structure.
Hogs: December lean hogs fell 47 1/2 cents to $79.55, nearer the daily low and hit a three-week low. Lean hog futures succumbed to technical selling pressure today amid a deteriorating near-term chart posture.