Corn: July corn futures fell 1 3/4 cents to $4.75 1/4, nearer the daily low. The corn futures market saw a mild downside price correction and some chart consolidation following Monday’s solid gains.
Soybeans: July soybeans fell 3 1/2 cents to $12.09 1/2, near the daily low. July soybean meal fell $2.20 to $332.30, nearer the daily low. July soybean oil lost 19 points to 75.44 cents, near mid-range. The soybean market today saw some routine chart consolidation and mild profit taking after Monday’s strong gains.
Wheat: July SRW rose 2 3/4 cents to $6.67 1/4, nearer the daily low. July HRW closed steady at $7.03 3/4, nearer the daily low. September spring wheat futures fell 6 cents to $7.18 The SRW wheat futures markets saw modest technical buying featured today, while HRW saw mild profit taking.
Cotton: July cotton futures fell 137 points to 82.33 cents, nearer the daily low. Cotton futures saw corrective selling following Monday’s strong gains. A bearish pennant pattern may be forming on the daily bar chart.
Cattle: June live cattle rose $1.175 to $254.55, near mid-range. August feeder cattle rose $4.80 to $363.65, near the daily high.The cattle futures markets saw better technical buying interest today, and also support from last week’s sharply higher cash trade.
Hogs: June lean hog futures fell $0.60 to $97.925, near the daily low and hit a five-month low. The lean hog futures market saw more technical selling pressure today.