Corn: December corn futures fell 2 3/4 cents to $4.17, nearer the daily low. The corn market saw more profit-taking pressure today. Now the bulls need to step up and show price strength yet this week in order to keep alive the price uptrend on the daily bar chart for December futures.
Soybeans: November soybeans fell 6 cents to $10.25 1/4, near the daily low and closed at a four-week low close. December soybean meal lost $3.20 to $285.80, near the daily low. December soybean oil rose 53 points to 51.01 cents, near the daily high and hit a nearly three-month low early on today. November soybeans are trending lower on the daily bar chart amid still-weak soybean meal futures prices that today gave back most of Tuesday’s decent gains.
Wheat: December SRW wheat fell 5 1/4 cents to $5.15, nearer the daily low and closed at a contract low close. December HRW wheat fell 3 1/4 cents to $5.07, near the daily low. December spring wheat futures fell 4 1/2 cents to $5.69 1/2. The winter wheat futures markets saw more selling pressure today on spillover pressure from losses in corn and soybean futures markets.
Cotton: December cotton rose 21 points to 66.67 cents, near mid-range after hitting a nearly two-week high early on. The cotton futures market continues to see tepid short covering and was also mildly supported today by higher crude oil prices at mid-week.
Cattle: October live cattle rose 97 1/2 cents to $231.15, nearer the daily high and hit a three-week low early on. September feeder cattle gained $1.50 to $353.20, near mid-range and hit a three-week low early on. The cattle futures markets today saw modest corrective bounces from strong to limit-down losses posted on Tuesday.
Hogs: October lean hogs rose 70 cents to $96.825, near mid-range and hit a contract high. Today’s gains in the lean hog futures market saw more technical buying featured amid the solidly bullish near-term chart posture for October hogs.