Corn: December corn fell 1 3/4 cents to $5.00 1/4, near mid-range. The corn futures market saw mild technical selling pressure today as the near-term charts favor the bears. Next up is the agency’s monthly supply and demand report on Friday. Read more here on what to expect Friday from Pro Farmer’s Spencer Langford.
Soybeans: November soybeans fell 10 cents to $12.87 1/2, near the daily low. December soybean meal fell $8.20 to $357.60, near the daily low. December soybean oil rose 24 points to 67.92 cents, near mid-range. The soybean market saw follow-through selling today, with meal leading the way down and posting solid losses after two sessions in a row of good gains. Spreaders were featured selling meal and buying bean oil today.
Wheat: December SRW fell 3 1/4 cents to $6.83 1/4, near the daily low. December HRW lost 2 1/4 cents to $7.36 1/4, nearer the daily low. December spring wheat futures fell 4 1/4 cents to $7.06, near the daily low. The wheat futures markets paused today. Selling interest was limited by intensifying attacks by Russia and Ukraine ahead of winter that are further endangering navigation in the Black Sea, Turkish Foreign Minister Hakan Fidan reported earlier today, adding that world powers must not allow the region to be turned into a new front in the war.
Cotton: December cotton futures fell 9 points to 79.94 cents, near the daily low. Cotton futures paused today. Selling interest was limited by higher crude oil prices today. Losses in most of the grain futures markets today were bearish for cotton futures.
Cattle: December live cattle fell $0.225 to $223.55, nearer the daily high. November feeder cattle lost $0.925 to $334.875, near mid-range. The live and feeder cattle futures markets saw modest corrective price pullbacks and some mild profit taking from the shorter-term specs today, following recent gains.
Hogs: December lean hog futures fell $0.50 to $68.60, near mid-range. The lean hog futures market saw more technical selling pressure today as the bears have tightened their grip late this week.