Corn: December corn fell 3 3/4 cents to $5.30 1/2, nearer the daily low. The corn futures market saw more profit-taking pressure and some weak long liquidation today from the shorter-term futures traders. Lower crude oil prices today were also a negative for the corn market.
Soybeans: November soybeans fell 3/4 cent to $13.19 3/4, near mid-range. December soybean meal rose $5.70 to $371.30, nearer the daily high and hit another 2.5-year high for the contract. December soybean oil fell 52 points to 69.15 cents, nearer the daily high. The soybean complex markets saw a pause today. Meal is the standout performer in the grain markets this week, as reports said domestic end-users have become short-bought. Spreaders were featured buying meal and selling bean oil today. Another drop in crude oil prices today also limited buying interest in soybeans and bean oil.
Wheat: December SRW fell 3 3/4 cents to $7.27, near mid-range. December HRW lost 5 cents to $7.94 1/2, nearer the session low. December spring wheat futures fell 3 1/2 cents to $7.52 1/2, nearer the daily low. The winter wheat futures markets saw more profit taking and weak long liquidation. Lower crude oil prices again today also limited buying interest in wheat futures. This week’s rally in the U.S. dollar index to a six-week high is also a negative for wheat.
Cotton: December cotton futures fell 219 points to 82.17 cents, near the session low and hit a five-week low. Cotton futures saw weak long liquidation and fresh technical selling from the speculators today, as the near-term chart posture has turned bearish. This week’s rally in the U.S. dollar index to a six-week high is also a negative for cotton.
Cattle: October live cattle fell $2.80 to $215.65, near the daily low. November feeder cattle lost $4.45 to $318.65, near the session low. The live and feeder cattle futures markets today saw heavy profit-taking and weak long liquidation as the bulls are fading badly down the stretch this week. Lower boxed beef prices at noon also encouraged the sellers.
Hogs: October lean hog futures rose $0.225 to $78.90, near mid-range and hit another 15-month low early on. The lean hog futures market saw tepid short covering today, following the recent steep price downdraft. Bulls are still on shaky technical ground. The near-term chart posture is firmly bearish. A weakening cash hog market is also negative for lean hog futures.