Corn: December corn fell 6 1/4 cents to $4.48 3/4, near the daily low and hit a 3.5-month low. The corn futures market saw still more technical selling today. Lower wheat and soybean prices today also limited buying interest in corn.
Soybeans: January soybeans fell 9 1/2 cents to $12.43, near the daily low and closed at a two-month-low close. December soybean meal lost $5.60 to $334.60, near the daily low and hit another two-month low. December soybean oil lost 30 points to 66.71 cents, nearer the daily low. The soybean and meal futures saw more technical selling pressure. Soybean and meal futures have also been pressured this week by the Brazilian real depreciating against the U.S. dollar – making Brazilian beans more price-competitive versus U.S. beans on world trade markets.
Wheat: December SRW fell 5 3/4 cents to $6.10 1/4, nearer the session low and hit a 3.5-month low. December HRW fell 8 1/2 cents to $6.50 1/2, near the daily low and hit another 3.5-month low. December spring wheat futures fell 5 1/2 cents to $6.28 1/2. The winter wheat futures markets saw still more technical selling today as prices are in firm downtrends on the daily bar charts.
Cotton: December cotton futures fell 100 points to 78.06 cents, nearer the daily low and hit a three-week low. Cotton futures this week have seen a technically bearish downside price breakout from a sideways trading range.
Cattle: December live cattle fell $0.35 to $230.85, near mid-range. November feeder cattle rose $1.475 to $350.025, near the daily high and closed at a 3.5-month high close. The live cattle futures market saw a pause and mild profit taking today, while feeder cattle futures benefited from lower corn prices and also saw some technical buying.
Hogs: December lean hog futures fell $2.65 to $62.025, near the daily low and careened to another contract low. The lean hog futures market saw heavy technical selling today. Near-term charts remain firmly bearish.