Corn: July corn fell 9 cents to $4.46 3/4, nearer the daily low and hit a three-month low. For the week, July corn was down 16 1/2 cents. Corn futures ended the week and the month with less than a whimper. Today’s technically bearish weekly and monthly low closes set the corn futures market up for more chart-based selling pressure early next week.
Soybeans: July soybeans fell 7 3/4 cents to $11.86 3/4, nearer the daily low and for the week down 9 3/4 cents. July soybean meal lost $4.30 to $329.80, near the daily low and for the week down $2.10. July bean oil gained 102 points to 77.72 cents, nearer the daily high and hit a contract high. For the week, July bean oil was up 374 points. The soybean and meal markets were caught in the downdraft in much of the raw commodity futures sector today, led by a sell off in WTI crude oil futures that saw prices drop below $87 at one point.
Wheat: July SRW wheat fell 13 1/2 cents to $6.10 1/2, nearer the daily low and hit a three-week low. For the week, July SRW was down 35 3/4 cents. July HRW wheat lost 15 1/2 cents to $6.49 3/4, near the daily low, hit a five-week low and for the week down 32 1/4 cents. September spring wheat futures fell 13 1/2 cents, nearer the daily low and for the week down 21 3/4 cents. The winter wheat futures markets saw technical selling featured today, prompted mostly by this week’s sell off in the WTI crude oil futures market.
Cotton: July cotton futures fell 62 points to 76.15 cents, nearer the session low and for the week down 127 points. The cotton futures market today was also caught in the downdraft in most raw commodity futures prices amid this week’s sell off in the crude oil markets. The cotton futures market sees prices trending down on the daily bar chart, which also suggests more selling pressure in the near term.
Cattle: August live cattle futures lost $1.95 to $239.05, nearer the daily low. For the week, August live cattle were down 55 cents. August feeder cattle futures lost $4.60 to $348.425, nearer the daily low and for the week down $1.425. The sell off in crude oil futures this week, with WTI futures dropping below $87 a barrel at the daily low, pressured much of the raw commodity futures markets this week. Weak long liquidation was featured in the cattle futures markets to end the trading, as well as profit taking from those traders who had been long from trades placed at lower price levels a few months ago.
Hogs: August lean hog futures fell $2.575 to $98.35, near the daily low and hit a nearly six-month low. For the week, August hogs were down $1.725. The lean hog futures market sold off sharply today and was caught in the downdraft of sell-offs across the raw commodity sector today, sparked by this week’s sell off in the WTI crude oil futures market.