Corn Futures Plummet as Profit-Taking Hits Commodity Markets

Commodity markets saw significant fluctuations on Thursday, following Wednesday's post-USDA rally. Corn futures took a hit, dropping across the board as traders took profits from Wednesday's strong reaction to the lower-than-expected corn yield estimate. September corn fell by 9 cents to $4.48, while December lost 8 and three-quarter cents to $4.72. March corn also dropped 8 and three-quarter cents to $4.87 and three-quarters.

Soybeans were narrowly mixed to lower, with September beans gaining three-quarters of a cent to $11.66, but November slipped one cent to $11.82 and a quarter. January lost a penny and a half, with deferred contracts also modestly lower. Soybean meal finished down roughly a dollar per ton.

Wheat was mixed to slightly lower, with September Chicago wheat finishing unchanged at $6.52 and three-quarters, while December lost a penny and a half. Kansas City September wheat slipped a quarter-cent to $7.20 and a half, with December down 3 cents at $7.34 and three-quarters.

The livestock market saw significant losses across the board, with live cattle taking the biggest hit in nearby contracts. August live cattle fell $4.35 to $226.22 and a half, while October dropped $3.75 to $220.05. The weakness follows Wednesday's technical selling in cattle, with higher grain prices and concerns about consumer demand adding pressure to the market.