Corn: December corn fell 5 1/2 cents to $4.60, nearer the daily low and closed at a three-week-low close. The corn futures market saw more selling pressure today as weather in the Corn Belt leans price-bearish. Technical selling was featured as prices are in a near-term downtrend. Some brokerages and analytical firms are starting to come out with their corn yield/production estimates for this year and they are higher than what USDA is forecasting.
Soybeans: November soybeans fell 3 cents to $11.74 3/4, near mid-range and hit a four-week low. September soybean meal lost $2.50 to $310.20, near mid-range and hit a four-week low. September soybean oil lost 48 points to 67.72 cents, near mid-range. The soybean complex futures markets today saw mild technical selling pressure as prices are trapped in downtrends on the daily charts. Weather also leans price-bearish for beans.
Wheat: September SRW rose 3 3/4 cents to $6.42 1/4, near mid-range. September HRW gained 6 1/2 cents to $7.13 1/2, near mid-range. September spring wheat futures fell 1 cent to $6.83 1/2, nearer the daily low. The winter wheat futures markets saw short covering and perceived bargain hunting today. The recent sell off in the U.S. dollar index has also limited selling interest in wheat.
Cotton: December cotton futures rose 56 points to 83.02 cents, near mid-range and hit a nine-week high. Cotton futures today saw fresh technical buying today, amid a price uptrend in place on the daily chart. Record-high U.S. stock indexes this week and the recent decline in the U.S. dollar index are also positives for cotton futures.
Cattle: October live cattle rose $1.575 to $229.475, nearer the daily high and hit a three-week high. September feeder cattle gained $2.225 to $348.375, nearer the daily high and hit a three-week high. The live cattle futures market today saw fresh technical buying as bulls have momentum and have established fledgling price uptrends on the daily bar charts. Good gains in the stock market recently and a weaker U.S. dollar index that favors the monetary policy doves also are supportive to the cattle markets, from the perspective of better consumer confidence.
Hogs: October lean hog futures fell $1.325 to $83.025, near mid-range and closed at a four-week-low close. The lean hog futures market saw technical selling from the speculators featured today as prices saw a downside breakout from a bearish pennant pattern on the daily bar chart.