Corn: December corn fell 2 1/4 cents to $4.11 1/2, marking a low-range close. Corn continued to face technical challenges at midweek despite a corrective bounce in both wheat and soybeans and notable outside market support. Corn
Soybeans: January soybeans climbed 12 1/4 cents to $9.91 1/4 and settled on session highs. December meal futures sunk 20 cents to $301.6. December bean oil futures followed crude higher today, rising 101 points to 43.81 cents. Soybean futures led strength in the grain markets today, negating Tuesday’s loss.
Wheat: December SRW wheat rose 2 3/4 cents to $5.73 1/4, while December HRs rose 1 1/2 cents to $5.75 3/4, each forging mid-range closes. December HRS futures rose 1 1/4 cents to $6.07 3/4. Wheat futures extended Tuesday’s short covering but continued to face technical headwinds.
Cotton: Cotton futures turned lower again Wednesday, with nearby December futures falling 64 points to close at 69.92 cents. Forecast rains over the Southwest might be interpreted as supportive or negative for cotton prices, since the rain might improve conditions somewhat, whereas the moisture may also reduce the quality of cotton in open bolls.
Cattle: Cattle futures continued Tuesday’s breakdown. The expiring October contract fell 90 cents to $188.40, while most-active December dove $1.525 to $186.425. In contrast, the nearby October feeder contract rallied 92.5 cents to $250.95, but deferred feeders also declined. November feeder futures dropped $1.10 to $245.50. Traders likely believe the September-October rally in fed cattle values is coming to an end, which, along with widespread long-liquidation, played a role in today’s followthrough futures decline.
Hogs: December lean hog futures surged $1.55 to $84.375, marking a fresh contract high and ending the day near session highs. Lean hog futures continue to surge higher as contra-seasonal strength in the cash market persists.