Corn: December corn futures fell 4 1/4 cents to $4.28 1/4 and nearer the session low. The corn futures market today saw profit-taking from the shorter-term speculators after prices hit a three-month high Wednesday.
Soybeans: November soybeans fell a dime to $10.46, while December soymeal closed down $8.60 at $332.80, each closing near the session low. December soyoil rallied 89 points to 44.53 cents, marking the highest close since July 23. A second day of notable pressure in soymeal futures and a rising U.S. dollar continued to dampen buying interest in soybeans, though soyoil gains, amid surging crude oil, curbed the downside.
Wheat: December SRW wheat fell 11 3/4 cents to $6.03 1/2, while HRW futures slid 7 3/4 cents to $6.11 1/2, each closing nearer the session low. December spring wheat fell 3 1/2 cents to $6.45 1/2. Wheat futures took back a portion of Wednesday’s gains as technical resistance at the 200-day moving average, combined with near-term overbought conditions.
Cotton: December cotton fell 67 points to 72.73 cents and nearer the daily low. The cotton futures market fell victim to more profit-taking pressure from the speculators today.
Cattle: December live cattle fell $1.30 to $186.40 and nearer the session low. November feeder cattle lost 42 1/2 cents to $248.125 and near mid-range. Both markets hit two-month highs early on today. The live and feeder cattle futures markets today saw some routine profit-taking by the speculators following recent good gains.
Hogs: Hog futures pulled back after surging to five-month highs Wednesday. The expiring October contract fell 50 cents to $84.175, while most-active December dropped 35 cents to $76.40. After struggling since late July, the cash hog market is exhibiting surprising strength here in early October.