Corn: December corn rose 1/4 cent to $4.21, but nearer the session low. Corn futures saw very modest spillover strength from firmer wheat futures throughout most of the session, which was quite remarkable amid an advance in the U.S. dollar to a seven-week high.
Soybeans: November soybeans rose 4 cents to $10.20 1/4 and nearer the session high. December soybean meal dipped $1.80 to $321.20 and nearer the daily low. December soybean oil fell 3 points to 43.06 cents and nearer the session high. The soybean futures market today saw some mild spillover buying from modest gains in the wheat futures markets.
Wheat: December SRW wheat rose 4 1/4 cents to $5.99 but ended nearer the session low. December HRW wheat rose a nickel to $6.08 3/4, forging a close above the 100-day moving average. December spring wheat advanced 3 1/4 cents to $6.48 1/4. Wheat futures were the undeniable bright spot in the grain markets today, with the largely modest price action nothing short of impressive amid an extended runup in the U.S. dollar.
Cotton: December cotton fell 2 points to 72.25 cents and nearer the daily low. The cotton market paused today following recent selling pressure that has inflicted some near-term technical damage. Buying interest in cotton was limited by bearish outside markets that included a firmer U.S. dollar index that hit a seven-week high today, and weaker crude oil prices.
Cattle: Cattle and feeder futures set back Wednesday, with nearby October live cattle slipped 27.5 cents to $188.20, while most-active December fell 65 cents to $187.225. Expiring October feeder futures sank $1.05 to $249.275 and November feeders tumbled $1.625 to $248.675.Cash cattle and wholesale beef prices remain quite supportive of the short-term cattle outlook.
Hogs: December lean hog futures plunged $1.60 to $75.575 and settled nearer session lows. Lean hog futures, particularly the deferred contracts, underwent heavy selling pressure today as technical resistance ignited profit-taking efforts.