Grain, Soybean Futures End Firm
Corn: December corn rose 3 cents to $6.70 1/2, after dropping earlier to a three-week low at $6.61 1/2. Corn futures followed wheat higher as the U.S. dollar pulled back and crude oil broke above $80 a barrel.
Soybeans: November soybeans rose 3/4 cent to $14.08 3/4, after earlier dropping to a three-week low at $13.90 3/4. December soymeal fell 90 cents to $412.70. December soyoil fell 24 points to 62.15 cents. Soybean futures rose for the first time in six sessions with support from sharp gains in the crude oil market and gains in corn and wheat.
Wheat: December SRW wheat rose 31 3/4 cents to $9.03 1/4. December HRW wheat gained 32 3/4 cents to $9.76. December spring wheat futures rose 29 1/4 cents to $9.72 1/2. Wheat markets were supported by ongoing worries over grain shipments from the Black Sea region.
Cotton: December cotton futures rose 40 points at 88.49 cents, after hitting a nine-week low earlier. Cotton was lifted modestly by worries Hurricane Ian could damage the southeastern U.S. cotton crop.
Cattle: December live cattle fell 62.5 cents to $146.275, the contract’s lowest closing price since July 18. November feeder futures sank $1.125 to $175.00. Reports of weaker cash trading pressured futures. USDA reported sizeable numbers of steers changing hands Tuesday at $143.38, down from last week’s $144.94 live steer average.
Hogs: December lean hog futures fell 42.5 cents to $75.825, the contract’s lowest closing price since December 20. Lean hog futures extended the past week’s nosedive, dropping for the sixth consecutive session on eroding cash fundamentals and technical-based selling trigged by a chart collapse. The CME lean hog index is down 58 cents to $96.41, its fifth drop in the last six days.