Corn: December corn futures closed 1 3/4 cents lower on the session to $4.80 1/2.Though corn futures broke lower after Tuesday’s report, prices have stabilized as traders await a fresh catalyst.
Soybeans: November soybeans rose 10 3/4 cents to $13.60 1/2, closing near the session high and above the 40-day moving average. December soymeal rose $4.60 to $399.40, while December remained unchanged at 61.72 cents. Soybean futures were able to extend Wednesday’s gains on additional corrective buying following Tuesday’s losses.
Wheat: December SRW wheat fell 3 1/2 cents to $5.93 3/4, ending nearer the session high. December HRW wheat was down 8 1/4 cents at $7.36 1/2, a mid-range close. December spring wheat futures fell 4 cents to $7.83 1/2. The wheat futures markets were pressured today by chart-based selling from the speculators and by solid gains in the U.S. dollar index that hit a six-month high today.
Cotton: December cotton rose 93 points to 87.82 cents, ending near the session high and above the 10-day moving average. December cotton futures shook off a portion of Wednesday’s losses but were limited by technical resistance at the 10-day moving average.
Cattle: October live cattle rose $2.325 to $185.475, near the session high and posted a contract high close. October feeder cattle closed up $2.825 at $261.875. The October cattle contract’s high and close represented all-time highs for nearby live cattle futures. Technical buying amid bullish chart actions was featured in the live and feeder cattle futures markets today.
Hogs: Although October lean hog futures dipped 62.5 cents on the day to $83.35, the midsession rebound and mid-range close implied underlying strength. Hog futures posted sharp early losses Thursday, likely in response to Wednesday’s afternoon pork report indicating cutout had fallen $2.98 later in the day, which in turn suggested renewed wholesale market weakness.