Corn: December corn rose 1/4 cent to $4.12 3/4, marking a mid-range close. Corn futures mostly favored the downside in generally directionless trade as the general marketplace remained subdued ahead of the Federal Reserve’s rate decision and comments from Fed Chair Jerome Powell.
Soybeans: November soybeans rose 8 cents to $10.14 and near mid-range. December soybean meal fell 10 cents to $321.40 and nearer the session low. December soybean oil rose 43 points to 40.31 cents and near mid-range. Soybean and soybean meal futures markets remain trapped in well-defined trading ranges.
Wheat: December SRW wheat was unchanged at $5.75 3/4, while December HRW wheat fell 1 1/2 cents to $5.78 1/2, each forging low-range closes. December spring wheat fell 4 1/4 cents to $6.16 3/4. SRW wheat futures edged lower for the third straight session, though technical support limited selling.
Cotton: December cotton fell 89 points to 71.27 cents and near mid-range. The cotton market faced more selling pressure today after the false upside technical price breakout on the daily bar chart seen on Monday.
Cattle: Most cattle futures rose modestly Wednesday, with the exception being the nearby October contract, which slipped 50 cents to $178.30. Most-active October feeder futures dropped 80 cents to $239.95. This week’s early cash market activity suggests fed cattle prices will rise again this week.
Hogs: October lean hog futures climbed 27.5 cents to $82.05, settling nearer session highs. Lean hog futures closed modestly higher, reversing early morning weakness and closing near session highs.