Corn: December corn fell 5 1/2 cents to $4.64, near the daily low after hitting a six-week high early on. The corn futures market today saw routine profit-taking pressure after recent good gains. The market was due for a decent corrective pullback. A firmer U.S. dollar index today also worked in favor of the corn market bears.
Soybeans: November soybeans fell 6 3/4 cents to $11.95, nearer the daily low. September soybean meal rose $2.90 to $320.50, nearer the daily high and hit a six-week high. September soybean oil fell 47 points to 71.71 cents, near the daily low. The soybean market saw mild profit-taking today. Lower corn and wheat markets today were also negative for beans. Spreaders were featured unwinding long bean oil, short meal spreads.
Wheat: September SRW fell 2 3/4 cents to $6.74 3/4, nearer the daily low and hit a two-month high early on. September HRW lost 3 1/2 cents to $7.16 1/2, near the daily low and also hit a two-month high early on. September spring wheat futures rose 2 cents to $6.85 1/4, near mid-range. The winter wheat futures markets saw modest downside price corrections after this week’s solid gains.
Cotton: December cotton futures fell 225 points to 79.30 cents, nearer the daily low and hit a two-week low. Cotton futures today saw heavy profit-taking pressure from the specs. Weaker grain futures prices today and a firmer U.S. dollar index were bearish outside-market elements for the natural fiber.
Cattle: August live cattle fell $3.05 to $227.075, nearer the daily low and hit a four-month low. August feeder cattle lost $3.35 to $346.60, nearer the daily low and hit a five-week low. The live and feeder cattle futures markets today saw heavy technical selling pressure amid price downtrends firmly in place on the daily bar charts for both markets.
Hogs: August lean hog futures fell $0.05 to $100.275, near mid-range and hit a six-week high early on. The lean hog futures market saw mild follow-through technical buying from the speculators in early trading, as a price uptrend remains in place on the daily bar chart.