Corn: July corn futures rose 1 1/4 cent to $4.18 3/4, nearer the daily high and hit a contract low early on. July corn closed up for the first time in six sessions. Tepid short covering and some perceived bargain hunting were featured in corn futures today. However, overall good corn-growing weather in the U.S. at present remains the main bearish element in the corn futures market that is limiting buying interest.
Soybeans: July soybeans fell 5 3/4 cents to $11.15 3/4, nearer the daily low and hit a four-month low. July soybean meal fell $5.80 to $302.70, near the daily low and hit a four-month low. July soybean oil rose 44 points to 74.56 cents, nearer the daily high and hit a five-week low early on. The soybean and meal markets today saw more weak long liquidation and fresh short-selling from the speculative traders.
Wheat: July SRW rose 3 1/4 cents to $5.83 1/4, near mid-range and hit a three-month low early on. July HRW gained 9 cents to $6.29 3/4, nearer the daily high. September spring wheat futures fell 1 1/4 cents to $6.45, nearer the daily low. The winter wheat futures markets today saw short covering in bear markets.
Cotton: July cotton futures fell 36 points to 73.39 cents, nearer the daily low and hit a two-month low. Cotton futures saw modest technical selling pressure today amid a price downtrend in place on the daily bar chart.
Cattle: August live cattle fell $4.925 to $236.725, near the daily low. August feeder cattle lost $3.20 to $350.70, nearer the daily low. The cattle futures markets traders on this day decided they were more concerned about the bearish aspects of New World screwworm on the U.S. cattle industry, following a second and third case being found in cattle in Texas.
Hogs: August lean hog futures fell $0.75 to $97.60, nearer the daily low and hit a six-month low. August lean hog futures fell $1.075 to $96.15, near the daily low and hit a six-month low today. The lean hog futures market saw more technical selling pressure today, and also felt spillover price pressure from sharp losses in the cattle futures markets.