Corn: December corn rose 1 1/4 cents to $4.63 1/4, near the daily high and hit a three-month low early on. The corn futures market saw more technical selling most of the session today as the near-term chart posture remains bearish. However, some short covering and would-be bargain hunting did lift prices above unchanged by the close, with prices being short-term oversold, technically.
Soybeans: November soybeans lost 3 cents to $12.45 1/4, nearer the daily high and hit a seven-week low early on today. December soybean meal fell $0.40 to $348.30, nearer the daily high and hit a 2.5-month low early on. December soybean oil lost 76 points to 65.97 cents, nearer the daily low and hit a nearly four-month low. The soybean complex futures saw more technical selling featured today as prices are trending lower on the daily bar charts for beans, meal and bean oil. Commercial hedge selling pressure is also stronger as U.S. soybean harvest is progressing rapidly.
Wheat: December SRW fell 15 cents to $6.28 1/4, nearer the daily low and hit a more-than-three-month low. December HRW fell 18 cents to $6.73, nearer the daily low and hit a more-than-three-month low. December spring wheat futures fell 10 1/4 cents to $6.51 1/2, near the daily low. The winter wheat futures markets saw more technical selling today as prices are in firm downtrends on the daily bar charts. New reports that the Presidents Trump, Xi and Putin will soon discuss the Russia-Ukraine war, with Russia reportedly receptive to cease-fire talks, helped to sink the wheat futures markets today.
Cotton: December cotton futures rose 95 points to 81.83 cents, near the daily high and closed at a three-week high close. Cotton futures saw more short covering and perceived bargain hunting today but are presently still trapped in the upper boundary of a sideways trading range. Higher U.S. stock index prices today again supported some buying interest in cotton futures
Cattle: December live cattle rose $0.95 to $231.125, near mid-range and hit another three-month high. November feeder cattle rose $2.525 to $348.825, near mid-range and also hit another three-month high. The live and feeder cattle futures markets saw more technical buying today amid price uptrends firmly in place up on the daily charts. Solidly higher cash cattle trading last week also has boosted the futures bulls early this week.
Hogs: December lean hog futures fell $1.425 to $65.725, near the daily low and hit a contract low. The lean hog futures market saw renewed technical selling today as near-term charts remain firmly bearish. A price downtrend remains in place on the daily bar chart.