Corn: December corn futures rose 1 1/4 cents to $6.67 1/2, near the bottom of today’s range. Corn posted a modest corrective recovery from Monday’s sharp declines behind support from higher crude oil prices and slower-than-expected harvest.
Soybeans: November soybeans fell 3 1/4 cents to $14.08, the contract’s lowest close since Sept. 8. December soymeal dropped $3.90 to $413.60. December soyoil fell 7 points at 62.39 cents. Concern over a global recession and a general risk-off mindset in financial markets continued to weigh on the soy complex.
Wheat: December SRW wheat rose 13 1/2 cents to $8.71 1/2, while December HRW rose 13 3/4 cents to $9.43 1/4. December spring wheat rose 12 cents to $9.43 1/4. Winter wheat futures rose for the first time in three sessions on short covering and corrective buying following Monday’s declines.
Cotton: December cotton fell 1 point to 88.36, the contract’s lowest closing price since July 14. Elevated recession fears continued to discourage buyers. Traders also watched Hurricane Ian, which appeared to pose less of a threat to the cotton crop in the Southeast.
Cattle: December live cattle fell 45 cents to $146.90, the contract’s lowest close since July 21. November feeder cattle dropped 77.5 cents to $176.275. Cash market fundamentals appear to be weakening, with steady to lower cash trade likely later this week following the past two weeks’ gains. Choice beef cutout values rose 59 cents to $248.43 on strong movement of 171 loads.
Hogs: December lean hogs fell $3.15 to $76.25, the lowest close since December 2021. Hog futures tumbled a fifth straight day to a nine-month low amid collapsing technicals and an eroding cash market. The CME lean hog index fell 60 cents to $96.99, the lowest since mid-February, and is expected to drop another 60 cents Wednesday. Pork cutout values fell $2.45 to $99.01, the lowest daily average since May 12. Movement was strong at 375 loads.