Corn: December corn futures fell 1 3/4 cents to $4.11 3/4, nearer the session low after hitting a two-month high early on. The corn futures market today saw a corrective pullback on “Turnaround Tuesday” after good gains posted Monday and in the overnight trade.
Soybeans: November soybeans rose 3 cents to $10.42 1/4, while December soymeal fell $2.80 to $325.90, each forging low-range closes. December soyoil rallied 150 points to 43.34 cents, closing above the 100-day moving average and at a two-month high. Soybeans extended Monday’s gains but backed off the session high as soymeal strength eased after edging near the 100-day moving average, though soyoil strength underpinned the complex, curbing soybean losses.
Wheat: December SRW futures sunk 4 1/2 cents to $5.78 and closed near session lows. December HRW futures dropped 6 1/4 cents to $5.71. December HRS futures slipped 7 1/4 cents to $6.11 3/4. The grain markets struggled to build on overnight bullish momentum, with wheat futures leading to the downside during daytime trade.
Cotton: December cotton rose 65 cents to 74.09 cents, closing nearer the session high. Cotton futures extended gains to a near three-month high with solid support stemming from supportive outside markets as the U.S. dollar waned and crude oil futures extended higher.
Cattle: December live cattle futures climbed 57.5 cents to $184.40, though nearby October futures sunk a nickel to $183.20. October feeder cattle futures climbed $1.325 to $245.80 and closed near session highs. Live cattle futures continue to trend higher as the December contract closed higher for the sixth consecutive session.
Hogs: December lean hogs rose 10 cents to $74.975 though settled nearer the session low. Prices hit a 3.5-month high early on today. Some more technically based buying from the speculators was featured earlier this morning in the lean hog futures market.