Corn: December corn rose 1 3/4 cents to $4.44 1/4, nearer the daily high and hit another four-month low early on today. The corn futures market saw short covering and perceived bargain hunting today. A weaker U.S. dollar index and better risk appetite in the general marketplace also supported buying interest in corn futures.
Soybeans: January soybeans fell 11 3/4 cents to $12.02 1/4, nearer the daily low and hit another 2.5-month low. December soybean meal rose $0.60 to $318.60, nearer the daily high. December soybean oil fell 175 points to 63.53 cents, near the daily low and hit a six-month low today. The soybean market saw technical selling pressure continue today. A big drop in crude oil prices late in the session also helped to sink soybeans and bean oil. Spreaders today were featured buying soybean meal and selling soybean oil futures.
Wheat: December SRW fell 1 1/4 cents to $5.98 1/2, near mid-range. December HRW fell 3 1/2 cents to $6.32 3/4, nearer the daily low. Both markets hit four-month lows early on today. December spring wheat futures fell 2 3/4 cents to $6.16 3/4, nearer the daily low. The winter wheat futures markets saw some short covering early on, as well as some perceived bargain hunting. However, gains faded away in late trading as crude oil futures prices dropped sharply.
Cotton: December cotton futures rose 107 points to 78.11 cents, nearer the daily high and hit a four-month low early on. Cotton futures saw short covering and perceived bargain hunting today. A big rebound in the U.S. stock indexes from their overnight lows also boosted cotton. A weaker U.S. dollar index that hit a four-week low today also supported the cotton market.
Cattle: December live cattle fell $0.15 to $218.00, near mid-range and hit another six-week low. January feeder cattle fell $2.65 to $325.725, nearer the daily low and hit a four-week low. The live cattle futures market paused late today after seeing some modest selling pressure early on. Feeder futures saw follow-through technical selling amid the recent price downdrafts in both markets.
Hogs: December lean hog futures fell $1.05 to $57.55, nearer the session low and hit another contract low early on. The lean hog futures market saw more technical selling pressure today. The near-term technical posture remains firmly in favor of the bears.