Corn: December corn fell 7 3/4 cents to $5.29, near the daily low. The corn futures market saw more profit-taking pressure and weak long liquidation today as prices have moved down to the lower boundary of the three-week-old trading range at elevated levels. The market feels heavy at present.
Soybeans: November soybeans fell 7 1/2 cents to $13.18, near mid-range. December soybean meal lost $0.10 to $370.60, near mid-range. December soybean oil fell 11 points to 67.81 cents, nearer the daily high and hit a three-week low. The soybean market was pressured today by profit taking and weak long liquidation from the speculators as well as a strong U.S. dollar index that hit a nearly two-month high today.
Wheat: December SRW fell 8 3/4 cents to $7.08 1/2, near mid-range and hit a nearly four-week low. December HRW fell 9 1/2 cents to $7.71 3/4, near mid-range and also hit a nearly four-week low. December spring wheat futures fell 7 1/2 cents to $7.28 3/4, 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 nearly two-month high, which was a bearish outside-market element for the wheat markets.
Cotton: December cotton futures rose 2 points to 82.89 cents, near mid-range. Cotton futures saw a corrective rebound today amid a price downtrend in place on the daily bar chart. Gains were limited by a stronger U.S. dollar index today that hit a nearly two-month high. A sell off in the U.S. stock market today also kept cotton buyers mostly timid.
Cattle: October live cattle rose $2.15 to $220.925, near the daily high. November feeder cattle gained $6.30 to $329.50, near the session high. The live and feeder cattle futures markets today rallied following Tuesday’s corrective pullbacks. Both markets still see their prices within last week’s trading ranges. The direction in which prices push above or below those ranges will likely be the direction of the next trending price move.
Hogs: October lean hog futures rose $0.60 to $79.875, near the daily high. The lean hog futures market saw more short covering today, following the recent steep price downdraft that saw prices hit a 15-month low last week. The near-term chart posture remains bearish. A still-weakening cash hog market also is bearish for lean hog futures.