Corn: December corn fell 1 1/2 cents to $5.27 1/2, nearer the daily low. The corn futures market saw modest profit-taking pressure and weak long liquidation today as prices are at the lower boundary of the three-week-old trading range at elevated levels.
Soybeans: November soybeans fell 1/2 cent to $13.17 1/2, near mid-range. December soybean meal rose $1.80 to $372.40, near mid-range and hit a more-than-two-year high overnight. December soybean oil fell 26 points to 67.55 cents, near mid-range and hit a three-week low. The soybean market was pressured today by more profit taking and weak long liquidation from the specs as well as a strong U.S. dollar index that hit a two-month high today. A tepid weekly export sales report also limited buying interest in the complex.
Wheat: December SRW fell 1 1/2 cents to $7.07, near mid-range and hit a nearly four-week low. December HRW fell 4 3/4 cents to $7.67, near mid-range and closed at a nearly four-week low close. December spring wheat futures fell 8 1/2 cents to $7.20 1/4, nearer the daily low. The winter wheat futures markets saw more technical selling pressure and weak long liquidation today as both SRW and HRW are in price downtrends. The U.S. dollar index today hit a two-month high, which was a bearish outside-market element for the wheat markets.
Cotton: December cotton futures rose 42 points to 83.31 cents, nearer the daily high. Cotton futures saw some short covering and perceived bargain hunting today. Gains were limited by a stronger U.S. dollar index today that hit a two-month high. Cotton traders are closely watching the Trump-Xi summit. Bulls are hoping China may buy more U.S. cotton if trade relations between the two countries improve.
Cattle: October live cattle fell $1.85 to $219.075, near the daily low. November feeder cattle fell $1.425 to $328.075, near the session low. The live and feeder cattle futures markets saw selling pressure due in part to modestly weaker cash cattle trading so far this week. USDA at midday today reported light cash trading this week, with steers averaging $221.53 and heifers $220.00.
Hogs: October lean hog futures lost $0.675 to $79.20, near the daily low. The lean hog futures market saw modest technical selling resume today. The near-term chart posture in hog futures remains bearish amid a weakening cash hog market.