Corn: December corn lost 8 3/4 cents to $4.71 3/4, near the daily low. The corn futures market saw profit-taking pressure and weak long liquidation today. The bulls are losing steam as a price uptrend on the daily chart is now in serious jeopardy.
Soybeans: November soybeans fell 27 1/4 cents to $11.92 3/4, near the daily low and hit a two-week low. September soybean meal lost $3.40 to $317.90, nearer the daily low and hit a two-week low. September soybean oil fell 148 points to 68.66 cents, near the daily low and hit a three-week low. The soybean futures market saw more heavy profit-taking and weak long liquidation today. Weather forecasts for the far western Corn Belt are now calling for better rain chances the next couple weeks.
Wheat: September SRW lost 1 3/4 cents to $6.60 3/4, nearer the daily low. September HRW fell 3/4 cent to $7.25 1/2, nearer the daily low. September spring wheat futures rose 2 1/2 cents to $7.05. The winter wheat futures markets saw pauses today, with buying interest limited by the solid losses in the corn and soybean complex futures.
Cotton: December cotton futures fell 100 points to 79.53 cents, nearer the daily low. Cotton futures today saw profit-taking pressure and weak long liquidation. Keener risk aversion in the general marketplace today was also negative for cotton. Cotton bulls got no traction from the solid rally in crude oil prices today.
Cattle: August live cattle rose $0.425 to $227.90, nearer the daily low and hit a two-week high early on. August feeder cattle gained $1.20 to $344.275, near mid-range. The cattle futures markets today saw more corrective bounces from their recent lows. For August live cattle, technical odds are increasing that a near-term market bottom is in place. Livestock stress continues in the Plains states and will stay elevated because of the oppressive heat.
Hogs: August lean hog futures fell $2.425 to $100.675, near the daily low and hit a two-week low. The lean hog futures market saw heavy profit-taking pressure today after prices hit a nine-week high on Tuesday. A price uptrend on the daily bar chart is now in jeopardy.