Wheat Futures Tumble, Soybeans Climb
Corn: December corn fell 10 1/4 cents to $6.87 1/2. Corn followed wheat lower after Russia said it will resume participation in a deal allowing Ukrainian grain exports from Black Sea ports, four days after suspending the agreement and sparking a sharp grain market rally.
Soybeans: January soybeans rose 6 1/4 cents to $14.54, the contract’s highest close since Sept. 22. December soyoil rallied 224 points to 75.61 cents, the contract's highest close since June 10. December soymeal fell 30 cents to $424.50. Soybean futures rose to a six-week high behind strength in crude oil and global vegoil markets.
Wheat: December SRW wheat fell 56 1/2 cents to $8.46. December HRW wheat dropped 49 3/4 cents to $9.40 1/4. December spring wheat fell 40 1/2 cents to $9.49 1/4. Easing supply concern drove wheat futures sharply lower after Russia reversed its stance on the Ukraine export deal.
Cattle: December live cattle fell 55 cents to $151.40, the contract’s lowest close since Oct. 19. January feeder cattle gained $1.80 to $180.00. Live cattle fell a fifth consecutive session despite strong cash fundamentals as the market extended a corrective pullback from last week’s rally to contract highs.
Hogs: December lean hog futures fell $1.90 to $83.30, the contract’s lowest settlement since Oct. 14. Lean hog futures sank near a three-week low as the market extended a late-October pullback amid recent erosion in cash fundamentals, rising supplies and concern over demand.