Soybean Futures Sink to 2 1/2 mo. Low
Corn: December corn fell 8 1/2 cents to $6.75 1/2, the contract’s lowest close since Sept. 29. Corn closed at a low for the week as generally favorable Midwest weather fuels harvest pressure and a dollar near 20-year highs raised concern demand for commodities may be pinched.
Soybeans: November soybeans fell 11 3/4 cents to $13.58, the contract’s lowest close since July 25. December soymeal fell $5.10 to $393.40, the lowest close since July 22. December soyoil rose 48 points to 66.02 cents. Soybean futures sank to a 2 1/2-month low on increasing U.S. harvest pressure, uninspiring export demand and slumping soymeal.
Wheat: December SRW wheat fell 23 cents to $8.79, the contract’s lowest closing price since Sept. 27. December HRW wheat dropped 25 1/4 cents to $9.65. December spring wheat fell 19 cents to $9.62 1/2. Winter wheat futures fell a fourth straight session on pressure from a strong dollar and soft export numbers, as well as general risk aversion in global markets.
Cattle: December live cattle fell 5 cents to $147.875. November feeders fell 90 cents to $176.425. Nearby October live cattle firmed amid reports packers in southern markets paid $144.00 today, while those in northern markets paid $145.00 to $146.00, prices steady to firmer from last week.
Hogs: December lean hogs rose $1.275 to $77.775, the contract’s highest close since Sept. 26. Hog futures gapped higher at today’s open and sustained gains as the market extended a sharp rebound from the recent slump to 10-month lows.
