Corn: December corn rose 1 1/2 cents to $5.02 1/4, nearer the session high and hit another five-week low early on. The corn futures market choppy, two-sided trade today amid more selling pressure in the wake of Wednesday’s surprisingly bearish USDA quarterly grain stocks report. Technical selling and weak long liquidation were featured for much of the session today as the chart posture for corn has significantly deteriorated.
Soybeans: November soybeans fell 9 cents to $12.84, near mid-range and hit a five-week low. December soybean meal lost $3.60 to $353.30, near mid-range and hit a three-week low. December soybean oil fell 90 points to 67.38 cents, near mid-range and closed at a five-week low close. The soybean and meal markets saw technical selling pressure and weak long liquidation today as prices are now starting to trend down on the daily bar chart. The U.S. dollar index rallied to a 1.5-year high today, which also pressured the soy complex futures.
Wheat: December SRW rose 7 cents to $6.82 3/4, nearer the daily high and hit a six-week low early on. December HRW rose 4 1/2 cents to $7.37 1/2, nearer the session high and hit a six-week low early on. December spring wheat futures rose 3 1/2 cents to $6.96 3/4, nearer the daily low. The wheat futures markets saw choppy, two-sided trade today, with buying interest limited by lower soybean prices. Also somewhat limiting buying interest in wheat futures for most of the session, the U.S. dollar index rallied to a 1.5-year high today.
Cotton: December cotton futures fell 76 points to 77.76 cents, nearer the daily low and hit a three-month low. Cotton futures saw technical selling pressure today amid a price downtrend firmly in place on the daily bar chart. There is lingering disappointment that cotton was not a part of the recent U.S.-China trade thaw for U.S. ag product imports to China.
Cattle: December live cattle rose $0.475 to $223.175, near the daily high and closed at a two-week high close. November feeder cattle gained $2.05 to $336.35, near the session high and hit a nine-week high. The live and feeder cattle futures markets saw modest chart-based buying today as price uptrends are in place on the daily bar charts. Also, overall supply and demand fundamentals are bullish for cattle and beef markets, despite solid losses in the boxed beef market today.
Hogs: December lean hog futures fell $0.50 to $68.925, nearer the daily high and hit a contract low today. The lean hog futures market saw more technical selling pressure today. The near-term technical posture in hog futures remains bearish amid a price downtrend firmly in place on the daily chart.