Corn, Soybean Futures Bounce Back
Corn: December corn rose 3 3/4 cents to $6.15 3/4. Corn futures climbed behind corrective buying following losses earlier this week, with stronger export numbers adding support. USDA reported net weekly U.S. corn export sales totaling 750,000 MT for 2022-23, nearly quadruple the previous week’s 191,300 MT.
Soybeans: November soybeans 15 1/2 cents to $14.05 1/4. September soymeal rose $8.80 to $449.40. September soyoil fell 115 points to 66.26 points. Soybeans gained as stronger USDA export data overshadowed bearish weather. USDA reported 2022-23 net weekly sales of 1.303 MMT, primarily for China (779,000 MT) and the highest weekly figure since late March.
Wheat: September SRW wheat plunged 31 3/4 cents to $7.31 1/2, the contract’s lowest closing price since Oct. 13. September HRW wheat sank 38 1/2 cents to $8.12 1/2, the contract’s lowest close since Feb. 7. September spring wheat fell 30 3/4 cents to $8.52 3/4. SRW wheat futures tumbled to 10-month lows as eroding chart patterns fueled speculator selling and accelerating shipments from Ukraine eased supply concerns.
Cattle: October live cattle fell $1.10 to $144.75. September feeder cattle fell $1.85 to $185.275. Cattle futures ended lower in a pullback from strong gains the two previous sessions. USDA-reported live steers averaged $147.48 so far this week, indicating prices will surpass last week’s average of $144.39.
Hogs: October lean hogs fell the $4.75 daily trading limit to $93.30, the lowest closing price in nearly five weeks. Hog futures extended a sharp downturn on chart breakdowns and beliefs the cash market peaked as the market heads into a seasonally weak period.