Corn: December corn rose 2 1/2 cents to $4.19, marking a two-week high close above the 100-day moving average. Corn futures displayed decided strength as the session progressed, despite no outside market support as the U.S. dollar edged to a 12-week high, while crude oil faced corrective selling.
Corn
Soybeans: January soybeans rose 4 1/2 cents to $10.05, nearer the session high. December soybean meal closed down $2.70 at $315.00 and near the daily low. December soybean oil fell 30 points to 43.39 cents and nearer the session low. Soybean markets today saw tepid short covering amid a price downtrend.
Wheat: December SRW wheat rose 2 1/2 cents to $5.78 1/2, while December HRW futures fell a penny to $5.85 1/2, each ending nearer the session high. December spring wheat fell 1 3/4 cents to $6.14 3/4. Wheat futures were able to rebound from the overnight low during the today’s session despite lacking outside market support as the U.S. dollar continued its recent trek higher.
Cotton: December cotton rose 43 points to 72.51 cents and nearer the daily high. The cotton futures market today saw more short covering and perceived bargain buying.
Cattle: Feeder market losses seemed to drag fed cattle futures lower Wednesday. Expiring October live cattle futures dropped 42.5 cents to $187.625, while most-active December slid 25 cents to $187.875. November feeder futures tumbled $1.70 to $247.225, while the expiring October contrast slid 85 cents to $248.575. The wholesale beef market continued its upward march at noon today, with choice cutout inching up 8 cents to $324.04 and select cutout gained $1.37 to $296.17.
Hogs: Hog futures continued marching higher Wednesday, with December futures surging $1.05 to $80.175. With hog numbers continuing to fall far short of USDA forecasts for a 3.5% to 5% rise in hog supplies through the September-November period, as exemplified by slaughter totals falling below year-ago levels in four of the past five weeks, hog traders continued buying futures aggressively Wednesday.