Corn: December corn rose 5 3/4 cents to $4.82 1/4, ending near the session high. Corn futures received spillover strength from SRW wheat futures, in addition to short-covering following a run at the Aug. 16 low in the wake of USDA’s release of September crop data on Tuesday.
Soybeans: November soybeans rose 3 1/4 cents to $13.49 3/4 and near the session high. Prices hit a three-week low early on. December soybean meal fell $3.30 to $394.80 and hit a three-week low. December bean oil closed up 165 points at 61.72 cents. Some corrective buying slightly supported the soybean futures market today, after Tuesday’s losses.
Wheat: December SRW futures rose 9 3/4 cents before settling at $5.97 1/4, nearer the session high. December HRW futures rose 14 cents before closing at $7.44 3/4, near the session high. December HRS rose 8 1/2 cents to $7.87 1/2. Wheat futures saw corrective buying again today following Tuesday’s contract low, though lack of follow-through buying points to likely sustained weakness.
Cotton: December cotton fell 141 points to 86.89 cents and nearer the session low. The cotton futures market today saw a routine corrective and profit-taking pullback from this week’s solid gains.
Cattle: October live cattle futures ended Wednesday having fallen $1.00 to $183.15. That decline, as well as the strength exhibited by the grain markets, sent October feeder futures $2.20 lower to $259.05. As usual, live cattle futures are largely awaiting the bulk of this week’s cash trading later in the week.
Hogs: October lean hog futures led the complex lower on Wednesday, falling $1.30 to $83.975 and settling near the intraday low. Lean hog futures saw profit-taking after an impressive run early this week, though fundamentals indicate that the pullback will likely be short lived.