Corn: December corn futures fell 5 cents to $4.18, nearer the daily low after hitting a six-week high overnight. The corn futures market saw profit-taking pressure from the shorter-term futures traders today, following recent good gains. Bulls are keeping alive a price uptrend on the daily bar chart.
Soybeans: November soybeans fell 9 1/2 cents to $10.31 1/2, nearer the session low and hit a two-week low. December soybean meal fell $1.30 to $282.50, nearer the daily low. December soybean oil fell 82 points to 51.84 cents, nearer the daily low. The soybean futures market continues to be pulled down by the sickly soybean meal futures market.
Wheat: December SRW wheat fell 6 1/4 cents to $5.22, near the daily low. December HRW wheat fell 1 cent to $5.10 1/4, nearer the daily low and closed at another contract low close. Spring wheat December futures fell 1 1/4 cents to $5.73. The winter wheat futures markets saw more chart-based selling pressure today as prices hover near their recent contract lows. Bulls got no help from today’s weaker U.S. dollar index.
Cotton: December cotton rose 16 points to 66.21 cents, near mid-range. The cotton futures market paused today after recent selling pressure that has put the bears back in near-term technical control.
Cattle: October live cattle fell $1.20 to $238.325, near mid-range. September feeder cattle fell $2.175 to $362.075, near mid-range. The cattle futures markets today saw some routine profit-taking pressure. Losses were limited as cash cattle and beef market fundamentals remain overall bullish.
Hogs: October lean hogs fell $1.725 to $93.825, nearer the daily low. The lean hog futures market today saw routine profit taking from the speculators after prices Tuesday hit a nine-week high.