Corn: December corn rose 3/4 cent to $4.05, marking a near mid-range close. Corn futures faced pressure this morning, though corrective strength in soybeans combined with SRW wheat and crude oil strength spurred light gains as the session progressed.
Soybeans: November soybeans rose 3 1/2 cents to $10.00 3/4. December soybean meal closed up $2.50 at $322.30. Both markets closed near mid-range. December soybean oil fell 36 points to 39.27 cents, nearer the session low and hit a three-week low. The soybean and meal futures markets featured tepid short covering today.
Wheat: December SRW wheat rose a nickel to $5.79 1/4, while December HRW rose 4 1/4 cents to $5.88 1/4, each closing nearer the session high. December HRS futures closed 6 1/2 cents higher at $6.16 1/2. SRW wheat futures notched gains for the third straight session as technical buying continues to prove price supportive.
Cotton: December cotton rose 140 points to 69.61 cents and nearer the daily high. The cotton market today saw short covering and perceived bargain hunting. A rebound in the crude oil market today also seemingly helped the cotton market bulls.
Cattle: Cattle and feeder futures rebounded Wednesday despite widespread short-term pessimism and wholesale price slippage. October live cattle futures rallied 62.5 cents to $176.95, while most-active October feeder futures surged $2.10 to $237.075. The cash market drop experienced over the past six weeks has developed a downward momentum of its own, which seemed to drag futures lower during a significant portion of Wednesday’s futures trading.
Hogs: October lean hog futures climbed $1.20 To $79.75 and settled near session highs. October lean hog futures surged on corrective buying, negating recent oversold conditions.