Corn: December corn futures fell 2 cents to $4.19 3/4, nearer the daily low. The corn futures market saw some chart consolidation today amid a price uptrend in place on the daily chart for December corn. A firmer U.S. dollar index today was a bearish outside-market influence for the grains.
Soybeans: November soybeans fell 2 1/2 cents to $10.31 1/4, nearer the daily low. December soybean meal rose $3.40 to $289.00, near the daily high. December soybean oil fell 99 points to 50.48 cents, near the daily low and hit a nearly three-month low. While November soybeans lost some ground today, arguably more important is that the soybean meal futures market appears to be coming off of life-support and closed at a near two-week high close today.
Wheat: December SRW wheat fell 3 1/2 cents to $5.20 1/4, nearer the daily low. December HRW wheat fell 7 cents to $5.10 1/4, near the daily low. December spring wheat futures fell 2 3/4 cents to $5.74. The winter wheat futures bulls did not have the strength to produce important follow-through buying today, following Monday’s decent gains.
Cotton: December cotton rose 25 points to 66.46 cents, near mid-range. The cotton futures market today saw some more tepid short covering following recent losses.
Cattle: October live cattle fell $5.625 to $230.175, near the daily low and hit a three-week low. September feeder cattle closed down the daily limit of $9.25 to $351.70 and hit a three-week low. With today’s limit-down move in September feeders, trading limits in both cattle futures markets will be expanded Wednesday, with the daily limit being $13.75 in feeder cattle and $10.75 in live cattle futures. Heavy profit-taking pressure and weak long liquidation were featured today in the cattle futures markets.
Hogs: October lean hogs rose 97 1/2 cents to $96.125, nearer the daily high. Today’s gains in the lean hog futures market were especially impressive given the big losses in the cattle futures markets.