Corn: December corn rose 2 1/2 cents to $4.21 1/2, marking the highest close since Oct. 7. Robust demand combined with technical support lifted corn futures for the fourth straight session, though gains were quite modest despite USDA’s weekly export sales data including the largest corn sale since May of 2021.
Corn
Soybeans: November soybeans fell 1 1/4 cents to $9.96 1/4 and settled nearer session lows. December meal futures sunk $4.6 to $310.4, settling on session lows. December bean oil climbed 94 points to 44.33 cents. Soybeans surged higher overnight but selling pressure resurfaced on this morning’s open with prices closed near session lows.
Wheat: December SRW wheat rose 3 cents to $5.81 1/2. December HRW wheat gained 1 1/4 cents to $5.87. Both markets closed nearer their session highs. December spring wheat futures climbed 3 1/4 cents to $6.18 3/4. The winter wheat futures markets were mildly supported today by firmer corn prices and a lower U.S. dollar index.
Cotton: December cotton futures sunk 98 points to 71.53 cents, settling nearer session lows. Cotton futures succumbed to technical selling pressure as December futures reversed after a test of the downward trendline stemming from the September high.
Cattle: December live cattle rose $1.375 to $189.25 and hit a nearly three-month high. November feeder cattle gained $1.30 to $248.525. Both markets closed near their daily highs. Technically related buying in the live and feeder cattle futures markets was featured today, amid firmly bullish charts.
Hogs: Hog futures fell significantly Thursday, with nearby December leading the way lower with a $1.525 drop to $78.65. The cash hog market has continued its contra-seasonal advance, which likely provided underlying for futures.