Corn: December corn rose 2 cents to $4.06 3/4 after trading at the lowest intraday level since Sept. 12. Corn futures were able to rebound from this morning’s low amid general corrective strength across the grain and soy complexes.
Soybeans: November soybean futures rose 8 3/4 cents to $9.88 3/4, closing near session highs. December meal futures climbed $4.40 to $318.10. December bean oil futures closed 91 points higher, closing near session high. Soybean futures marked a for-the-move low in early trade, though buying interest increased as the session went on, with nearby November futures leading the complex higher.
Wheat: December SRW wheat rose 4 1/2 cents to $5.89 1/2 and nearer the daily high. December HRW wheat gained 7 1/4 cents to $5.96 and nearer the session high. December spring wheat futures closed 8 cents higher at $6.28 3/4. The winter wheat futures bulls made some headway today on short covering and some corrective buying, and also as the corn and soybeans were a bit firmer as bulls try to stabilize those markets.
Cotton: December cotton futures fell 49 points to 72.85 cents. Cotton futures fell under selling pressure today though did close well off session lows.
Cattle: December live cattle fell 42 1/2 cents to $186.175, settling near mid-range after hitting a two-week low. November feeder cattle rose 25 cents to $245.75 and nearer the session low. The live and feeder cattle futures markets are seeing limited buying interest from the speculators late this week, as their near-term technical postures have deteriorated lately.
Hogs: December lean hog futures moved to fresh highs Thursday but settled 2.5 cents lower at $77.675. The lack of significant followthrough to Tuesday’s drop in the hog index probably encouraged buyers in hog futures today, especially in the wake of yesterday’s strong futures rebound.