Corn: December corn fell 8 cents to $4.56 1/4, near the daily low and hit a five-week high early on. The corn futures market today saw what is so far routine profit taking pressure and a corrective pullback from recent good gains.
Soybeans: November soybeans fell 5 1/2 cents to $11.92 1/4, near the daily low and hit a six-week high early on. September soybean meal fell $4.80 to $309.70, nearer the daily low. September soybean oil rose 222 points to 70.38 cents, nearer the daily high and hit a three-week high. The soybean market paused today following recent good gains. Meal was pressured and bean oil supported by spreaders buying bean oil and selling meal as crude oil prices surged today.
Wheat: September SRW lost 10 3/4 cents to $6.07 3/4, near the daily low and hit a five-week high early on. September HRW lost 7 1/2 cents to $6.45 1/4, near the daily low and hit a three-week high early on. September spring wheat futures fell 2 1/4 cents to $6.30 3/4, nearer the daily low. The winter wheat futures markets saw selling pressure from weaker corn and soybean prices today. Look for the wheat futures markets to continue to follow the lead of corn in the near term.
Cotton: December cotton futures closed down 62 points to 80.67 cents, near mid-range on a corrective pullback after posting limit-up daily gains on Tuesday. Cotton futures saw selling pressure today from weaker grain prices, weaker U.S. stock indexes and a general risk-off trading day in the general marketplace. Selling interest was limited amid recent news that the U.S. and China relations have warmed up, including recent China U.S. soybean buys. Cotton bulls are hoping China could also pick up the pace on U.S. cotton purchases.
Cattle: August live cattle lost $0.80 to $237.625, nearer the daily high and hit a five-week low. August feeder cattle rose $1.40 to $362.05, nearer the daily high. The live and feeder cattle futures markets saw more technically based short selling and weak long liquidation today as prices are trending down on the daily bar chart. A “risk-off” day in the general marketplace today also worked against the cattle market bulls.
Hogs: August lean hog futures rose $2.725 to $99.65, near the daily high and closed at six-week high close. The lean hog futures market today saw a good corrective bounce to keep the price uptrend alive on the daily bar chart and to provide the bulls fresh technical momentum.