Corn: December corn fell 5 1/4 cents to $5.23, near mid-range. The corn futures market saw more profit-taking pressure and weak long liquidation today as prices have broken below a three-week-old trading range at elevated levels. Lower soybean and wheat futures prices today also weighed on corn. A firmer U.S. dollar index today that is near a nearly three-month high was a bearish outside-market element for corn today.
Soybeans: November soybeans fell 30 3/4 cents to $12.88 1/4, nearer the daily low and hit a three-month low. December soybean meal lost $11.60 to $359.40, nearer the daily low. December soybean oil fell 18 points to 67.66 cents, nearer the daily high and hit a four-week low early on. The soybean and meal markets saw heavy selling pressure today as traders were disappointed that soybeans were left out of the Trump-Xi summit final statements. China is set to cut tariffs on a broad range of U.S. agricultural goods, from corn and wheat to meat and dairy, but soybeans were excluded from a tariff-reduction list jointly issued by China’s commerce ministry and the White House.
Wheat: December SRW fell 14 1/2 cents to $6.88 3/4, nearer the daily low and hit a five-week low. December HRW fell 16 1/4 cents to $7.45 3/4, nearer the session low and hit a six-week low. December spring wheat futures fell 11 3/4 cents to $7.01 3/4, near the daily low. The winter wheat futures markets saw solid technical selling pressure today as both SRW and HRW are in price downtrends. The firmer U.S. dollar index today this is near the recent three-month high was also a bearish outside-market factor for the wheat markets.
Cotton: December cotton futures rose 15 points to 82.86 cents, near mid-range. Cotton futures saw some tepid short covering today. Gains were limited by a firmer U.S. dollar index and a sell off in the grain futures today. World Weather Inc. today said western Texas and southwestern Oklahoma will see another round of significant rain into Thursday that will come too late to benefit most cotton, while some cotton is likely discolored with some stringing out of cotton fibers and boll rot possible as well.
Cattle: December live cattle fell $1.35 to $220.80, nearer the daily low. November feeder cattle lost $2.70 to $329.275, near the session low after hitting a two-month high early on. The live and feeder cattle futures markets saw some corrective selling pressure today after last week’s overall gains. Modestly weaker prices for cash cattle trading last week also pressured cattle futures.
Hogs: December lean hog futures lost $0.625 to $68.40, nearer the daily low. The lean hog futures market saw modest technical selling today. The near-term chart posture in hog futures remains bearish amid a still-weakening cash hog market.