Corn: December corn futures closed 2 cents lower at $4.10 3/4, closing well off intraday lows. Corn futures closed lower for the first time in five sessions but closed well off session lows.
Soybeans: November soybeans rose 2 cents to $10.23 1/2, while December soymeal sunk $2.80 to $326.50. December soyoil rose 101 points to 41.17 cents. Each notched high-range closes. A third consecutive test of the illustrious 40-day moving average proved fruitful for soybean bulls today, a feat not achieved since the end of May.
Wheat: December SRW wheat fell 6 cents to $5.74 3/4, while December HRW closed 4 1/4 cents lower at $5.88 3/4, though each marked high-range closes. December HRS showed relative strength, rising 2 1/4 cents to $6.25 3/4. Corrective selling was the theme across the wheat complex following a string of solid gains since the end of August.
Cotton: December cotton futures fell 37 points to 69.44 cents, nearer session lows. Cotton futures continue to undergo selling pressure as traders are unable to overcome downtrend resistance stemming from early April highs.
Cattle: October live cattle futures dove $1.975 to $177.25 and settled nearer session lows. October feeder cattle futures plunged $2.875 to $234.575. Cattle futures underwent heavy selling pressure, spurred higher by weaker than expected cash trade.
Hogs: Big wholesale losses Wednesday afternoon seemed to undercut hog futures Thursday. Nearby October fell 87.5 cents to $80.70. The hog and pork complex seemed to be in good shape at Wednesday’s close, with the hog index looking set to turn higher, while pork cutout was still within striking distance of the $100.00 level.