Corn: December corn futures fell 2 1/4 cents to $4.10 3/4, near the daily low and closed at a six-week-low close. The corn market saw follow-through selling pressure today from Friday’s losses that came in the wake of a rapid deterioration in U.S.-China relations.
Soybeans: November soybeans rose 1 cent to $10.07 3/4, near mid-range. December soybean meal fell 90 cents to $274.10, nearer the session low and hit a two-week low. December soybean oil gained 63 points to 50.60 cents, near the daily high. The soybean market today saw some stabilization following Friday’s solid losses that came in the wake of a rapid erosion of U.S.-China trade relations.
Wheat: December SRW wheat fell 1 3/4 cents to $4.96 3/4, nearer the session low and hit a contract low. December HRW lost 1 3/4 cents to $4.81 1/4, nearer the daily low and hit a contract low. December spring wheat futures fell 1 3/4 cents to $5.50 The winter wheat futures markets continue to struggle amid firmly bearish technical charts that are keeping bulls on the sidelines.
Cotton: December cotton fell 25 points to 63.59 cents, near the daily low and closed at a contract low close. The cotton futures bulls continue to mostly stand on the sideline amid a firmly bearish technical chart posture.
Cattle: December live cattle rose $2.225 to $244.75, near the daily high and hit a contract high. November feeder cattle rose 82 1/2 cents to $376.725, nearer the daily high and hit another contract/record high. Overall solid supply and demand fundamentals and bullish technical charts continue to fuel price gains in the cattle futures markets.
Hogs: December lean hogs rose 82 1/2 cents to $84.65, near mid-range. The lean hog futures market saw a corrective bounce, led by short covering from the shorter-term traders.