Corn: December corn futures rose 1 cent to $4.16 1/2, nearer the daily high after hitting a four-week low early on. The corn market was breaking down on technical selling from the speculators before a late-session rally pushed prices above unchanged and gave the bulls a “save” today.
Soybeans: November soybeans rose 11 1/4 cents to $10.13, near the daily high after hitting a six-week low early on. December soybean meal gained 30 cents to $273.60, nearer the daily high and hit a contract low early on. December soybean oil rose 93 points to 50.42 cents, near the daily high. Soybean and meal futures saw technical selling pressure today until near the end of the trading session, when an upbeat social media message from President Trump boosted soybean prices.
Wheat: December SRW wheat rose 1 1/4 cents to $5.09 1/4, near the daily high after hitting a contract low early on. December HRW fell 2 1/4 cents to $4.95 1/2, nearer the daily high and also hit a contract low early on. Spring wheat futures fell 5 3/4 cents to $5.57. The winter wheat futures markets saw technical selling featured today as the near-term chart postures for SRW and HRW have deteriorated further this week, after Tuesday’s bearish USDA data.
Cotton: December cotton fell 18 points to 65.59 cents, nearer the daily high and hit a six-month low early on. The cotton market saw technical selling featured today as the near-term technical posture for the natural fiber has deteriorated recently.
Cattle: December live cattle fell 27 1/2 cents to $234.50, near mid-range. November feeder cattle lost $1.75 to $357.60 and near the daily low. The live and feeder cattle futures markets saw modest selling pressure at mid-week amid keener risk aversion in the general marketplace as the U.S. government shut down at midnight last night.
Hogs: December lean hogs fell $1.825 to $86.90, near the session low and closed at a four-week low close. More profit-taking pressure from the shorter-term speculative traders was featured in lean hog futures today.