Corn: December corn rose 3 1/2 cents to $4.12 3/4, near the session high. The corn futures market continued its campaign higher amid continued short covering.
Soybeans: November soybeans rose 9 1/2 cents to $10.21 1/2, near the session high and closed at a three-week high close. December soybean meal rose $8.50 at $329.30, near the session high and hit a four-week high. December soybean oil fell 82 points to 40.16 cents, nearer the session low. The soybean and meal futures markets today saw more short covering and perceived bargain hunting.
Wheat: December SRW wheat rose 14 cents to $5.80 3/4, while December HRW futures rose 16 3/4 cents to $5.93. December HRS futures rose 16 1/4 cents to $6.23 1/2. Each closed near the session high. Wheat futures notched short-covering gains for the sixth straight session, with a fading U.S. dollar underpinning commodity.
Cotton: December cotton fell 69 points to 69.81 cents and near mid-range. The cotton market saw selling pressure today from the recent steep downdraft in crude oil prices that today dropped to a nine-month low below $70 a barrel.
Cattle: Ideas the recent decline in cash cattle prices may have run its course likely supported live cattle futures Wednesday. Nearby October futures traded higher through much of the session, but settled 5 cents lower at $179.225. The ongoing rebound in grain and soy futures undercut feeder futures, with most-active October diving $1.875 to $237.45. Cash cattle prices have declined for the past five weeks, with last week’s five-area average coming in at $183.81.
Hogs: October lean hog futures sank 95 cents to $81.575 and closed nearer session lows. October lean hog futures underwent selling pressure despite an anticipated rebound in the CME lean hog index.