Corn: Corn futures rose 2 cents to $4.06 3/4 after reaching the lowest intraday level since Aug. 30. Corn futures gave up earlier gains immediately after USDA’s late-morning data release, which included a 0.5 bu. per acre yield increase, but decided strength in soybeans and crude oil ultimately lifted corn from session lows.
Soybeans: November soybeans climbed 10 1/4 cents to $10.10 3/4 and settled nearer today’s highs. October meal futures closed $2.90 higher to $318.90, near session highs. October bean oil futures rallied 55 points to 40.33 cents. Soybeans saw heightened volatility as USDA updated production estimates and balance sheets but ultimately finished the day around where prices were trading before the release.
Wheat: December SRW wheat fell 3/4 cent to $5.78 1/2, nearer the daily low after hitting a a two-month high early on. December HRW wheat fell 2 cents to $5.86 1/4 and nearer the session low. December spring wheat futures rose 5 1/4 cents to $6.21 3/4. The winter wheat futures bulls were out of the gate strong in early trading but faded as the session progressed.
Cotton: December cotton rose 77 cents to 70.38 cents, ending nearer the session high. Cotton futures extended gains for a third straight session amid an improving technical posture combined with bullish production data in USDA’s monthly update and outside market support.
Cattle: October live cattle rose $1.075 to $178.025 and near mid-range. October feeder cattle gained $2.25 at $239.75, nearer the session high and hit a four-week high. Live and feeder cattle futures markets today saw short covering and perceived bargain hunting buying from the speculators. The bulls late this week are reckoning cash cattle trading could see a higher average price for the first time in weeks.
Hogs: Hog futures continue anticipating sizeable seasonal losses. The nearby October contract fell 85 cents to $78.90 at the close. The cash hog market’s inability to sustain last week’s upward blip in the hog index seems to be spurring increased selling of nearby futures, with the market once again building sizeable discounts into the fall and winter contracts.