Corn: December corn fell 6 1/4 cents to $5.36 3/4, nearer the daily low. The corn futures market saw a “Turnaround Tuesday” session, following solid gains posted Monday.
Soybeans: November soybeans fell 2 1/2 cents to $13.25 1/2, near mid-range. December soybean meal rose $2.30 to $370.70, near mid-range. December soybean oil fell 93 points to 67.92 cents, nearer the daily low and closed at a three-week low close. The soybean market saw mild support most of the session by the strong rebound in meal futures.
Wheat: December SRW fell 9 1/2 cents to $7.17 1/4, nearer the daily low. December HRW fell 13 1/4 cents to $7.81 1/4, nearer the session low. December spring wheat futures fell a dime to $7.36 1/4. The winter wheat futures markets saw technical selling pressure today as both SRW and HRW are in fledging price downtrends.
Cotton: December cotton futures fell 55 points to 82.87 cents, near mid-range. Cotton futures saw a corrective pullback today following Monday’s good gains. The U.S. dollar index today hit a 2.5-month high, which was also a bearish outside-market element for the cotton market.
Cattle: October live cattle fell $2.175 to $218.775, nearer the daily low. November feeder cattle lost $2.90 to $323.20, near the session low. The live and feeder cattle futures markets today gave back a good portion of Monday’s solid gains.
Hogs: October lean hog futures rose $1.125 to $79.275, near the daily high. The lean hog futures market saw more short covering today, following the recent steep price downdraft that saw prices hit a 15-month low last Friday.