Corn: July corn futures rose 3/4 cent to $4.19 1/2, nearer the daily low. The corn futures market today saw tepid short covering and some perceived value-buying after a stunning string of daily losses the past three weeks. However, a big sell off in the stock market and solidly lower crude oil prices today did limit the upside in corn.
Soybeans: July soybeans fell 2 cents to $11.14 1/4, near mid-range and hit another four-month low early on. July soybean meal fell $1.60 to $301.10, near the daily low and hit another four-month low. July soybean oil rose 35 points to 74.91 cents, near mid-range.The soybean and meal market bulls are working to stop the bleeding but have seen little success this week.
Wheat: July SRW rose 2 cents to $5.85 1/4, nearer the daily low. July HRW gained 1 cent to $6.30 3/4, nearer the daily low. Spring wheat futures fell 2 cents to $6.17 1/2. The winter wheat futures markets today saw some very tepid short covering in bear markets. Prices remain entrenched in downtrends on the daily bar charts.
Cotton: July cotton futures lost 213 points to 71.26 cents, near the daily low and hit a nine-week low. Cotton futures saw technical selling pressure resume today, after Monday’s pause. July cotton prices remain in a price downtrend on the daily bar chart.
Cattle: August live cattle rose $2.975 to $239.70, near the daily high. August feeder cattle gained $3.45 to $354.15, near the daily high. The potential ramifications of New World screwworm on the U.S. cattle industry, following five cases being found in Texas and now in New Mexico may keep futures markets range-bound for the near term.
Hogs: August lean hog futures fell $1.45 to $94.70, nearer the daily low and hit a nearly seven-month low today. The lean hog futures market saw still more technical selling pressure today.