Corn: December corn fell 3 1/4 cents to $4.68 1/2, near the daily low and hit a two-week low. The corn futures market saw more profit-taking and weak long liquidation today. The bulls are losing steam as a price uptrend on the daily chart has been negated.
Soybeans: November soybeans fell 4 cents to $11.88 3/4, nearer the daily low and hit a three-week low. September soybean meal lost $0.40 to $317.50, near mid-range. September soybean oil fell 44 points to 68.22 cents, nearer the daily low and hit a three-week low. The soybean and meal futures markets paused today as traders caught their breath amid this week’s price downdrafts. Bean oil saw continued technical selling pressure and weak long liquidation today.
Wheat: September SRW rose 2 3/4 cents to $6.63 1/2, nearer the daily low. September HRW rose 5 1/4 cents to $7.30 3/4, nearer the daily low. September spring wheat futures rose 6 1/2 cents to $7.11 1/2, near mid-range. The winter wheat futures markets saw modest bounces in prices today on reports the Black Sea region is virtually closed to grain shipping. A Ukrainian drone attack has inflicted “significant damage” on a major grain export terminal at Russia’s Taman port on the Kerch Strait, according to an agricultural market source, cited by Reuters.
Cotton: December cotton futures rose 114 points to 80.67 cents, nearer the daily high. Cotton futures today saw a rebound from Wednesday’s losses on technical buying amid a price uptrend still in place on the daily bar chart. A sharply lower U.S. dollar index today also aided the cotton market bulls.
Cattle: August live cattle rose $3.325 to $231.225, near the daily high and hit a two-week high. August feeder cattle rose $2.20 to $346.475, nearer the daily high. The cattle futures markets today saw more corrective buying and perceived bargain hunting. For August live cattle, technical odds are increasing that a near-term market bottom is in place. August feeders still have an existing price downtrend still in place on the daily chart.
Hogs: August lean hog futures fell $2.25 to $98.425, near the daily low and hit a three-week low. The lean hog futures market saw more heavy profit-taking pressure today. A price uptrend on the daily bar chart has been soundly negated to suggest a near-term market top is in place. The cash hog market rally may also be stalling out.