Corn: December corn fell 2 1/2 cents to $5.43 1/2, near mid-range and hit another contract and three-year high early on. The corn futures market saw buying support early in the session from the chart-based speculators, and also saw buying interest today from a weaker U.S. dollar index and higher crude oil prices.
Soybeans: November soybeans fell 7 1/2 cents to $13.10 1/4, nearer the daily low and poked to another contract high and 2.5-year high early on. December soybean meal lost $3.00 to $349.60, near mid-range and hit a two-year high early on. December soybean oil fell 167 points to 70.96 cents, near the daily low. The soybean and meal futures markets for most of the session today paused in their solid price uptrends. However, some late profit taking from the shorter-term traders set in by the close.
Wheat: December SRW fell 8 1/2 cents to $7.74, nearer the daily low and hit a contract and three-year high early on. December HRW lost 11 cents to $8.34 1/4, nearer the daily low and poked to another contract and three-year high early on. December spring wheat futures rose 5 1/4 cents to $7.82 nearer the daily high. The winter wheat futures markets paused for most of the session today but some profit-taking pressure from the shorter-term traders pushed prices lower by the close. Selling interest continues to be limited by the Black Sea supply constraints as Russia and Ukraine continue to attack each other’s export infrastructure.
Cotton: December cotton futures fell 262 points to 88.93 cents, nearer the daily low. Cotton futures saw routine profit-taking pressure today. The lower-range daily close today hints the bulls may now be exhausted. Cotton traders are awaiting Thursday morning’s weekly USDA export sales report.
Cattle: October live cattle fell $1.90 to $210.175, near the daily low and closed at a nine-month low close. November feeder cattle lost $0.175 to $308.35, nearer the daily low. October live cattle saw solid technical selling pressure today as prices remain firmly trapped in a downtrend on the daily bar chart. Very light cash cattle trading at lower money at mid-week also helped to pressure the futures market today.
Hogs: October lean hog futures rose $0.125 to $83.775, nearer the daily low and hit a four-week high early on. The lean hog futures market saw some mild profit-taking early on and then chart consolidation later in the session, after recent good gains that suggest the futures market has bottomed out. The cash hog market continues to trend down, overall.