Corn: December corn fell 3 1/2 cents to $4.47 3/4, near the daily low, closed at a four-month low close and for the week down 8 1/4 cents. The corn futures market had a technically bearish weekly and monthly low close today. And every Friday in October has seen a bearish weekly low close in December corn.
Soybeans: January soybeans fell 1/2 cent to $12.34 1/4, nearer the daily low and for the week down 34 1/4 cents. December soybean meal fell $4.70 to $324.60, nearer the daily low, hit a two-month low and for the week down $21.50. December bean oil rose 26 points to 65.90 cents, nearer the daily low and for the week down 93 points. The soybean futures market today saw some modest short covering early on but gains faded by the close, limited by the slumping meal futures market that today saw, along with January beans, a technically bearish weekly and monthly low close, which suggests still more downside for those markets.
Wheat: December SRW wheat fell 1/4 cent to $6.03 1/2, near mid-range and for the week down 21 1/2 cents. December HRW wheat lost a penny to $6.44 1/4, near mid-range and for the week down 20 1/4 cents. December spring wheat futures fell 3/4 of a cent to $6.23 3/4, nearer the daily low and for the week down 17 3/4 cents. The winter wheat futures markets saw some tepid short covering early on today but prices faded to end the trading week and month. Any fresh news on the proposed Russia-Ukraine ceasefire talks among Presidents Trump, Putin and Xi will be market-sensitive for wheat futures.
Cotton: December cotton futures fell 67 points to 77.83 cents, near the daily low and for the week down 237 points. The cotton futures market saw a technically bearish weekly low close today and came close to a monthly low close. Bears have some technical momentum on their side following the early-week downside “breakout” from a sideways trading range.
Cattle: December live cattle futures fell $5.35 to $220.95, near the session low, hit a three-week low and for the week down $10.175. November feeder cattle futures lost $8.70 to $337.775, near the daily low, hit a three-week low and for the week down $10.35. The cattle futures markets futures markets were rocked to end the trading week and month by a major sell off in the U.S. stock market that saw the major indexes hit multi-week lows and likely saw consumer confidence at least temporarily take a hit.
Hogs: December lean hog futures fell $0.95 to $58.875, nearer the daily low and for the week down $6.70. December lean hog futures saw a big downside “washout” this week to extend the price downtrend but to also suggest a price bottom is close at hand.