Soybeans Bounce Back from Five-Week Lows
Corn: December corn fell 2 1/2 cents to $6.68 1/2, slightly above the middle of today’s range. Corn fell a second session as the market extended a corrective pullback from 2 1/2-month highs Wednesday. Traders await USDA’s Sept. 12 Crop Production update, which is widely expected to reflect a reduced harvest outlook following extreme heat and dryness in parts of the Midwest this summer.
Soybeans: November soybeans rose 2 1/2 cents to $13.86, after earlier falling to a five-week low at $13.73. October soymeal fell $5.90 to $409.10. October soyoil rose 136 points to 65.04 cents. November soybeans posted a late corrective recovery behind support from a rebound in crude oil futures.
Wheat: December SRW wheat fell 15 1/4 cents to $8.29. December HRW wheat lost 8 1/2 cents to $8.93. December spring wheat fell 1 3/4 cents to $8.98 1/4. Wheat futures fell in a corrective price pullback from eight-week highs posted Wednesday as traders continued to monitor Ukrainian grain shipments.
Cattle: October live cattle rose 12.5 cents to $144.375. October feeder cattle advanced 45 cents to $184.40. Live cattle ended mixed, with the October contract managing a modestly higher close despite signs of further weakness in cash prices.
Hogs: October lean hogs rose $1.05 to $92.125, while deferred contracts ended lower. October hogs rebounded from an initial drop to a two-month low as traders shrugged off continuing cash market weakness and narrowed the lead contract’s gap with the CME lean hog index.
