Corn: December corn rose 3 cents to $4.51 3/4, near mid-range. The corn futures market saw some short covering and perceived bargain-basement buying today, after prices hit a 3.5-month low on Tuesday.
Soybeans: January soybeans fell 5 cents to $12.38, near the daily low. December soybean meal rose $1.10 to $335.70, near mid-range and hit another two-month low early on. December soybean oil lost 115 points to 65.56 cents, nearer the daily low. The soybean market saw modest technical selling pressure today, while meal futures paused. Soybean and meal futures have seen buying interest squelched this week by the Brazilian real depreciating against the U.S. dollar-- making Brazilian beans more price-competitive versus U.S. beans on world trade markets.
Wheat: December SRW fell 11 1/4 cents to $5.99, nearer the daily low and hit a four-month low. December HRW fell 7 1/2 cents to $6.43, nearer the daily low and also hit a four-month low. December spring wheat futures fell 8 3/4 cents to $6.19 3/4, near the daily low. The winter wheat futures markets saw still more technical selling today as prices are in firm downtrends on the daily bar charts. President Trump said a meeting with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky would happen soon.
Cotton: December cotton futures rose 9 points to 78.15 cents, near mid-range and hit a three-week low. Cotton futures saw some tepid short covering today. Prices this week have seen a technically bearish downside price breakout from a sideways trading range. Recent losses in the grain futures market have spilled over into selling pressure in cotton futures.
Cattle: December live cattle fell $3.525 to $227.325, near the daily low and hit a two-week low. November feeder cattle lost $3.275 to $346.75, near the daily low and hit a 3.5-month high early on. The live and feeder cattle futures markets today saw what is so far routine profit-taking pressure, following recent gains. However, bulls do not want to see good follow-through selling on Thursday or Friday, which would begin to suggest the bulls are near-term exhausted and that near-term market tops are in place.
Hogs: December lean hog futures fell $3.425 to $58.60, near the daily low and careened to another contract low. The lean hog futures market saw more heavy technical selling today. Near-term charts remain firmly bearish. A price downtrend remains in place on the daily bar chart.