Corn: July corn futures fell 1/2 cent to $4.19, nearer the daily low. The corn futures market today paused ahead of USDA data out Thursday. Another sell off in the stock market today did crimp trader and investor risk appetite, which limited buying interest in corn.
Soybeans: July soybeans rose 9 1/4 cents to $11.23, nearer the daily high. July soybean meal rose $0.80 to $301.90, nearer the daily low. July soybean oil rose 42 points to 75.33 cents, near the daily high. The soybean and meal markets saw short covering and perceived bargain buying today, while bean oil was supported by a rally in crude oil prices today. Weather in the Midwest still leans firmly price-bearish for the soy complex at present.
Wheat: July SRW rose 2 1/4 cents to $5.87 1/2, nearer the daily low. July HRW lost 1/4 cent to $6.30 1/2, nearer the daily low. September spring wheat futures gained 1/4 cent to $6.43 1/2. The winter wheat futures markets today saw some more tepid short covering in bear markets. A sell off in the stock market today limited the upside in wheat. Prices remain in downtrends on the daily bar charts.
Cotton: July cotton futures lost 16 points to 71.10 cents, near the daily low and hit a nine-week low. Cotton futures saw mild technical selling pressure today. July cotton prices remain in a price downtrend on the daily bar chart.
Cattle: August live cattle rose $1.80 to $241.50, nearer the daily high. August feeder cattle gained $0.225 to $354.375, near mid-range. The cattle futures markets saw speculator buying interest today as traders on this day focused on the bullish elements of the New World screwworm being detected in the southern U.S. USDA confirmed five cases of NWS in the U.S., three calves and a goat in Texas, and one dog in New Mexico. Mexico also closed its border to U.S. cattle imports.
Hogs: August lean hog futures rose $0.725 to $95.425, nearer the daily high and hit a nearly seven-month low early on today. The lean hog futures market saw some short covering and some perceived bargain buying today.