Corn: December corn fell 5 3/4 cents to $4.42 1/2, nearer the daily low and hit another four-month low. The corn futures market saw more technical selling pressure today. Losses in soybeans and wheat also spilled over into better selling in corn futures. Continued harvest-related commercial hedge selling is also featured.
Soybeans: January soybeans fell 2 3/4 cents to $12.14, nearer the daily low and hit a 2.5-month low. December soybean meal lost $1.60 to $318.00, near mid-range and hit a 2.5-month low. December soybean oil rose 20 points to 65.28 cents, nearer the daily high. The soybean and meal futures markets saw more modest technical selling pressure amid existing downtrends in place on the daily bar charts. Beans and meal continue to be pressured by commercial hedge selling as the U.S. soybean harvest is ongoing but now in the latter stages.
Wheat: December SRW fell 6 3/4 cents to $5.99 3/4, nearer the daily low. December HRW fell 9 3/4 cents to $6.36 1/4, nearer the daily low and hit a four-month low. December spring wheat futures fell 6 1/4 cents to $6.19 1/2. The winter wheat futures markets saw chart-based selling from the speculators resume today, amid firmly bearish near-term technicals. Lower corn and soybean futures prices today also aided the winter wheat bears.
Cotton: December cotton futures fell 62 points to 77.04 cents, nearer the daily low and hit a four-month low. Cotton futures saw more technical selling today. Weaker crude oil prices also limited buying interest in cotton futures.
Cattle: December live cattle fell $1.55 to $218.15, near the daily low and hit a six-week low. January feeder cattle fell $4.30 to $328.375, near the daily low and hit a four-week low. The cattle futures markets saw more technical selling pressure today. The near-term technical postures of both markets have deteriorated significantly in the past several sessions. Price uptrends on the daily charts for both markets have been soundly negated.
Hogs: December lean hog futures rose $0.425 to $58.60, nearer the daily high and hit another contract low early on. The lean hog futures market saw mild short covering and perceived bargain hunting today. Still, the near-term technical posture is firmly bearish. Cash hog prices and the CME cash index continue to trend lower.