Corn: March corn fell 2 1/2 cents to $4.28 1/4, near mid-range and for the week down 2 1/4 cents. Corn futures today saw selling pressure amid the record-setting meltdown in the gold and silver markets, which saw the largest daily dollar losses in both markets’ history.
Soybeans: March soybeans fell 8 cents to $10.64 1/4, nearer the daily low and for the week were down 3 1/2 cents. March soybean meal fell $2.40 to $293.60, nearer the daily low and on the week down $6.30. March bean oil fell 52 points to 53.51 cents, nearer the session low and for the week down 48 points. The low-range weekly closes today in the soybean complex futures argue for some follow-through technical selling early next week.
Wheat: March SRW wheat lost 3 1/2 cents to $5.38, near mid-range after hitting a two-month high early on, and for the week up 8 1/2 cents. March HRW wheat fell 2 1/4 cents to $5.44 3/4, near mid-range after hitting a 2.5-month high early on, and on the week up 4 cents. March spring wheat futures fell 3 1/4 cents to $5.78 1/4, near mid-range and for the week up 3 1/4 cents. The winter wheat futures markets bulls ran for cover today amid the record-setting meltdown in the gold and silver futures markets that at one point saw gold down over $600 and silver down over $37.
Cotton: March cotton futures fell 31 points to 63.17 cents, nearer the session low and for the week down 64 points. The cotton futures market bulls today scurried to the sidelines amid the major, record-setting meltdown in the gold and silver futures markets.
Cattle: April live cattle futures fell 47 1/2 cents to $236.325, nearer the daily low and for the week down 12 1/2 cents. March feeder cattle futures fell $4.85 to $360.275, nearer the daily low and for the week up 10 cents. Cattle traders were awaiting this afternoon’s semi-annual USDA cattle inventory report. Most traders expect the report to show U.S. cattle numbers inching down from the last report in July.
Hogs: April lean hog futures fell 30 cents to $95.15, near mid-range and for the week down $1.025. The lean hog futures market saw mild profit-taking pressure today. Today’s bearish weekly low close suggests the speculators may be looking to continue to play the short side early next week