Soybeans Fall Near 2-Month Lows

Corn: December corn rose 1 cent to $6.84. Corn posted modest gains in two-sided trade, with support stemming from strength in wheat and in crude oil, which rallied on an announcement OPEC+ will lower production by two million barrels per day. USDA on Thursday is expected to report net U.S. corn sales ranging from 350,000 to 800,000 MT, compared to 512,000 MT last week

Soybeans: November soybeans fell 13 3/4 cents to $13.69 3/4. December soymeal fell $3.00 to $398.50, the contract’s lowest closing price since Aug. 16. December soyoil rose 52 points to 65.54 cents. Soybean futures fell for the first session in three as pressure from the advancing U.S. harvest, concerns over the global economy and slumping soymeal outweighed strength in crude oil.

Wheat: December SRW wheat fell 1 cent to $9.02. December HRW wheat rose 1 1/2 cents to $9.90 1/4. Prices closed nearer the session lows. December spring wheat rose 5 1/2 cents to $9.81 1/2. Wheat futures rose as corrective buying following two days of declines and concerns over global supply disruptions overshadowed a sharp gain in the U.S. dollar. Thursday’s USDA export sales report is expected to show net weekly U.S. wheat sales of 200,000 to 450,000 MT, compared to 279,800 MT last week.

Cattle: December live cattle gained 42.5 cents to $147.925. November feeders jumped $2.125 to $177.325. Live cattle were supported by signs of a rebound in wholesale beef and tight supplies of market-ready animals that are expected to underpin cash prices.

Hogs: December lean hogs jumped $2.075 to $76.50. Hogs rose in a corrective, short covering rebound from Tuesday’s plummet to 10-month lows. Eroding cash fundamentals and expectations for a seasonal increase in supplies continue to weigh on futures. Pork cutout values rose $1 to $99.29 on lighter movement of 282 loads.