Corn: December corn rose 1/2 cent to $4.48 1/4, nearer the daily low and poked to a four-month low. The corn futures market saw a pause today. Gains were limited by continued harvest-related commercial hedge pressure and solidly lower soybean complex prices. Slight gains in wheat futures prices did limit the downside in corn today, as did a weaker U.S. dollar index.
Soybeans: January soybeans fell 17 1/2 cents to $12.16 3/4, nearer the daily low and hit a 2.5-month low. December soybean meal lost $5.00 to $319.60, near the daily low and hit a 2.5-month low. December soybean oil lost 82 points to 65.08 cents, nearer the daily low and closed at a six-month-low close. The soybean complex futures markets saw renewed technical selling pressure amid existing downtrends in place on the daily bar charts. Beans and meal continue to be pressured by commercial hedge selling as the U.S. soybean harvest is ongoing but now in the latter stages.
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Wheat: December SRW rose 3 cents to $6.06 1/2, near mid-range. December HRW rose 1 3/4 cents to $6.46, near mid-range. December spring wheat futures rose 2 cents to $6.25 3/4, near mid-range. The winter wheat futures markets are seeing some short covering and pausing at lower levels, suggesting the bears have run out of gas in the present price downtrends on the daily charts.
Cotton: December cotton futures fell 17 points to 77.66 cents, nearer the session low and hit a four-week low. Cotton futures saw modest technical selling today. Sharply lower crude oil prices also limited buying interest in cotton futures.
Cattle: December live cattle fell $1.25 to $219.70, near the daily low and hit a nearly four-week low. January feeder cattle rose $0.90 to $332.675, near mid-range and hit a nearly four-week low early on. The live cattle futures market today saw modest technical short selling, profit taking and weak long liquidation, as the near-term technical postures of both markets have significantly deteriorated the past several sessions.
Hogs: December lean hog futures fell $0.70 to $58.175, near the daily low and hit another contract low. The lean hog futures market saw more technical selling pressure today, as the near-term technical posture is firmly bearish.