Corn: December corn fell 1/4 cent to $4.61 3/4, nearer the daily low. The corn futures market saw mild technical selling pressure today as prices are trending down. Position evening was also featured heading into Wednesday morning’s USDA supply and demand report.
Soybeans: November soybeans rose 3 1/4 cents to $11.79 1/2, near mid-range. September soybean meal fell $3.40 to $305.50, near the daily low and hit a four-week low. September soybean oil rose 129 points to 69.53 cents, near the daily high. The soybean market today saw mild short covering, while soybean oil futures posted solid gains today as crude oil prices were sharply higher and back above $80 a barrel for WTI. Spreaders were buying bean oil and selling meal today. Weather in the Midwest still leans price-bearish for the soy complex.
Wheat: September SRW gained 3/4 cents to $6.40 1/2, near the daily low. September HRW fell 1/2 cent to $7.13 1/2, near the daily low. September spring wheat futures fell 9 1/2 cents to $6.70, near the daily low. The winter wheat futures markets saw tepid short covering today, along with some position evening ahead of Wednesday’s USDA monthly supply and demand report. Gains in the U.S. dollar index today also limited the upside for wheat. The wheat markets posted decent gains overnight on lingering concerns regarding grain shipments coming out of the Black Sea region.
Cotton: December cotton futures lost 54 points to 83.86 cents, nearer the daily low after hitting a nearly three-month high early on. Cotton futures today saw routine profit-taking pressure from recent gains. A firmer U.S. dollar index was also a negative outside market for cotton today. Traders are also positioning ahead of Wednesday morning’s USDA supply and demand report.
Cattle: October live cattle rose $1.625 to $226.90, nearer the daily high. September feeder cattle lost $0.65 to $344.575, near mid-range. October live cattle futures today saw short covering, while September feeders saw some mild technical selling pressure. Selling interest was limited by higher cash cattle trading that occurred last week.
Hogs: October lean hog futures rose $1.45 to $83.675, nearer the session high. The lean hog futures market saw heavy short covering and perceived bargain buying today, after recent selling pressure that last Friday pushed October hogs to a four-week low. Good follow-through buying on Tuesday would begin to suggest the hog futures market has put in a near-term price bottom.