Corn: December corn fell 1 cent to $4.55, nearer the daily high after hitting a 3.5-month low early on. The corn futures market saw more technical selling early in the session but some short covering and perceived bargain buying lifted prices well off their session lows. Buying interest in corn futures was limited by lower soybean and wheat futures prices to start the trading week.
Soybeans: January soybeans fell 16 cents to $12.52 1/2, near mid-range and hit a two-month low. December soybean meal lost $5.90 to $340.20, nearer the daily low and hit a two-month low. December soybean oil rose 18 points to 67.01 cents, near the daily high. The soybean and meal futures saw selling pressure as Brazilian President Lula got a surprise victory over challenger Flavio Bolsonaro in Sunday’s runoff presidential election. Soybean futures fell on the news as the Brazilian real depreciated against the U.S. dollar-- making Brazilian beans more price-competitive versus U.S. beans on world trade markets.
Wheat: December SRW fell 9 cents to $6.16, nearer the daily low and hit a 3.5-month low. December HRW fell 5 1/2 cents to $6.59, nearer the daily low and hit a 3.5-month low. December spring wheat futures fell 7 1/2 cents to $6.34,nearer the daily low. The winter wheat futures markets saw more technical selling today as prices are in firm downtrends on the daily bar charts. Wheat futures have extended to the lowest level since July amid peace prospects potential between Russia and Ukraine.
Cotton: December cotton futures fell 114 points to 79.06 cents, nearer the daily low and hit a three-week low. Cotton futures saw a technically bearish downside price breakout from a sideways trading range today. Losses in the grain futures markets also weighed on cotton.
Cattle: December live cattle rose $0.075 to $231.20, nearer the daily low after hitting a 3.5-month high early on. November feeder cattle rose $0.425 to $348.55, nearer the daily low. The live and feeder cattle futures markets saw decent gains right out of the gate this morning, following a price-friendly USDA monthly cattle-on-feed report released Friday afternoon.
Hogs: December lean hog futures fell $0.90 to $64.675, nearer the daily low and hit another contract low. The lean hog futures market saw more technical selling today. Near-term charts remain firmly bearish. A price downtrend remains in place on the daily bar chart.