Corn, Soybean Futures Lower on Demand Concerns
Corn: December corn fell 3/4 of a cent to $6.57 1/4, after earlier dropping to the lowest intraday price since Aug. 26. Corn took pressure as the U.S. dollar rebounded sharply following last week’s steep drop, crude oil futures plunged over $3 and rising Covid cases in China stirred concerns over demand.
Soybeans: January soybeans fell 9 1/2 cents to $14.40 1/2, at the lower end of today’s range. December soymeal fell $1.40 to $406.00. December soyoil fell 69 points to 76.28 cents. The soy complex posted broad declines amid pressure from weakness in global vegoils, concerns over Chinese demand and a mostly favorable crop outlook in South America.
Wheat: December SRW wheat rose 3 cents to $8.38 1/4. December HRW wheat gained 12 3/4 cents to $9.56 1/4. December spring wheat rose 17 1/4 cents to $9.63, a two-week high. Wheat futures disregarded weakness in corn and soybeans and posted gains amid signs of improved export demand spurred short covering and corrective buying in the wake of last week’s losses.
Cattle: December live cattle rose 5 cents to $151.575, after earlier falling to $151.25, the lowest intraday price since Nov. 3. January feeder cattle rose 87.5 cents to $179.45. Nearby December live cattle was supported by expectations cash prices will resume a firmer tone this week.
Hogs: December lean hog futures rose 52.5 cents to $84.875. Hog futures gained on short covering and technical buying after last week’s stronger close, though buying interest was limited by a slumping cash market. The CME lean hog index fell 33 cents to a nine-month low of $88.63 (as of Nov. 10).