Wheat Futures End Higher; Soybeans Near 3-Week Low
Corn: December corn futures rose 1 1/4 cents to $6.67 1/2, near the bottom of today’s range. Corn posted a modest corrective recovery from Monday’s sharp declines behind support from higher crude oil prices and slower-than-expected harvest.
Soybeans: November soybeans fell 3 1/4 cents to $14.08, the contract’s lowest close since Sept. 8. December soymeal dropped $3.90 to $413.60. December soyoil fell 7 points at 62.39 cents. Concern over a global recession and a general risk-off mindset in financial markets continued to weigh on the soy complex.
Wheat: December SRW wheat rose 13 1/2 cents to $8.71 1/2, while December HRW rose 13 3/4 cents to $9.43 1/4. December spring wheat rose 12 cents to $9.43 1/4. Winter wheat futures rose for the first time in three sessions on short covering and corrective buying following Monday’s declines.
Cattle: December live cattle fell 45 cents to $146.90, the contract’s lowest close since July 21. November feeder cattle dropped 77.5 cents to $176.275. Cash market fundamentals appear to be weakening, with steady to lower cash trade likely later this week.
Hogs: December lean hogs fell $3.15 to $76.25, the lowest close since December 2021. Hog futures tumbled a fifth straight day to a nine-month low amid collapsing technicals and an eroding cash market. The CME lean hog index fell 60 cents to $96.99, the lowest since mid-February, and is expected to drop another 60 cents Wednesday.
