Corn: December corn fell 1 1/4 cents to $6.85. Corn futures eased slightly after climbing earlier as the U.S. dollar index weakened to its lowest level since mid-September and crude oil futures rallied over $2. The market trimmed gains following reports signaling growing prospects a deal allowing Ukrainian grain exports from Black Sea ports will be extended beyond November.
Soybeans: November soybeans fell 1/4 cent to $13.81 3/4, after earlier posting a high for the week at $13.97 3/4. December soymeal fell $6.90 to $408.70. December soyoil rose 114 points to 73.42 cents, the contract’s highest close since June 15. Soybeans ended mixed as rains in key crop areas of Argentina brought some relief from months-long drought.
Wheat: December SRW wheat rose 5 3/4 cents to $8.40 1/2, after falling to a five-week low at $8.24 earlier. December HRW wheat gained 6 1/4 cents to $9.40 3/4. December spring wheat fell 1/4 cent to $9.52. Winter wheat rebounded from early weakness as the dollar’s pullback spurred light short covering.
Cotton: December cotton fell 65 points to 77.82 cents. Cotton futures faded from early gains as ongoing concern over a possible global recession outweighed the dollar’s pullback and gains in crude oil.
Cattle: December live cattle gained 27.5 cents to $153.575. January feeder cattle rose $1.00 to $181.25. Cattle futures extended a firm tone on expectations for further cash market strength. Choice beef values fell 70 cents early today to $260.73, though Select values surged $2.08.
Hogs: December lean hogs rose 5 cents to $88.50. Hog futures ended with modest gains as the market extended a consolidation pattern since rallying to two-month highs late last week. Futures remained supported by firm cash fundamentals and bullish technicals. Today’s CME lean hog index rose 14 cents to $94.81 (as of Oct. 24), the eighth gain in the past nine days and the highest since Sept. 29. Thursday’s index quote is expected to drop 34 cents to $94.47.