Corn: December corn futures rallied 11 1/2 cents to $4.97 1/2, the highest close in nearly two months. Corn futures powered higher throughout the session after a break of technical resistance that capped gains the prior five sessions.
Soybeans: November soybeans rose 7 3/4 cents to $12.80 3/4, the highest close since Sept. 28. December meal rallied $5.20 to $377.20 after marking the lowest intraday level since June 12. December soyoil fell 71 points to 55.28 cents, the lowest close since June 29. Soybean futures recovered from overnight losses amid a meal rally following reaching the lowest level since mid-June.
Wheat: December SRW wheat rose 18 1/4 cents to $5.78 1/4. December HRW wheat gained 24 cents at $6.90 1/2. Prices closed near their session highs. December spring wheat rose 19 3/4 cents to $7.31 1/2. The wheat futures markets rallied today on reports a cargo ship is suspected of hitting a sea mine outside the entrance to the Sulina Canal, according to a Lloyd’s List Intelligence casualty report.
Cotton: December cotton closed 47 points lower at 86.54 cents, and closed below the 40-day moving average for the first time since Sept. 22. December cotton futures extended lower for the third straight day amid extended selling in equites and crude oil futures, though additional weakness in the U.S. dollar limited losses.
Cattle: December live cattle fell 65 cents to $185.375, nearer the session low and hit a four-week low. November feeder cattle closed down 12 1/2 cents at $250.30. Prices closed nearer the session low and posted a six-week low close. Another “risk-off” day in the general marketplace today limited buying interest in cattle futures.
Hogs: Hog futures rebounded strongly Thursday, with the expiring October contract rising 97.5 cents to $80.90 and most-active December leaping $3.10 to $72.275. The comparative cash hog and pork firmness exhibited lately seemingly sparked today’s strong rebound in hog futures.