Corn: December corn rose 3 1/2 cents to $4.04 3/4, closing nearer the session high. Corn futures edged correctively higher after a four-session losing streak as wheat futures and export demand lent some optimism at midweek.
Soybeans: January soybeans fell 9 1/2 cents to $9.94 and closed at a 2.5-month low close. December soybean meal closed up $1.90 at $313.60. December soybean oil fell 77 points to 41.68 cents. All three markets closed nearer their session lows. The soybean complex futures today saw mixed trade, with buying interest in soybeans squelched by bearish technicals and a firmer U.S. dollar index, as well as the recent sell off in crude oil futures.
Wheat: December SRW wheat rose 5 1/2 cents to $5.85, while December HRW wheat rose 5 3/4 cents to $5.88 3/4. December HRS futures rose 4 1/2 cents to $6.20 1/2. All three posted high-range closes. Wheat futures posted gains today, which were corrective in nature following a three-session string of declines.
Cotton: December cotton rose 64 points to 71.26 cents and near mid-range. The cotton futures market today saw some short covering and perceived bargain hunting.
Cattle: Nearby October live cattle futures ended Wednesday having risen 32.5 cents to $187.05, while most-active December futures edged up 7.5 cents to $186.60. Expiring October feeder futures sagged 42.5 cents to $246.10, but that drop was easily exceeded by the 97.5-cent drop to $245.50 suffered by November feeders. This week’s early cash and futures developments suggest the cattle and beef complex could decline over the short run.
Hogs: December lean hog futures rocketed $2.475 higher to $77.70, settling near session highs. Lean hog bulls came back with a vengeance today, negating the last two days of selling pressure.