Corn: December corn fell 2 3/4 cents to $4.60 1/2, nearer the daily low and closed at a nine-week low close. The corn futures market bulls are working to stabilize the market from its four-week-old bleed lower. Charts remain near-term bearish, which invited modest selling from technical specs today.
Soybeans: November soybeans rose 7 3/4 cents to $12.53, near mid-range. December soybean meal fell $1.00 to $347.30, nearer the daily low. December soybean oil gained 77 points to 66.74 cents, nearer the daily high. Soybean and bean oil futures saw tepid short covering today following recent selling pressure. Meal traded on both sides of unchanged today. Gains were limited by commercial hedge selling as the U.S. soybean harvest is progressing rapidly.
Wheat: December SRW fell 3 1/2 cents to $6.24 3/4, nearer the daily low and closed at a three-month low close. December HRW fell 7 1/4 cents to $6.65 3/4, near the daily low and hit a more-than-three-month low. December spring wheat futures fell 9 3/4 cents to $6.41 3/4, near the daily low. The winter wheat futures markets saw more technical selling today as prices are in firm downtrends on the daily bar charts.
Cotton: December cotton futures fell 104 points to 80.79 cents, near the daily low. Cotton futures saw a downside price correction from this week’s gains. Sharply lower U.S. stock index prices today helped to pressure cotton futures.
Cattle: December live cattle closed steady at $231.125, near the daily high. November feeder cattle lost $1.190 to $346.925, near mid-range. The live and feeder cattle futures markets saw some routine profit taking and chart consolidation today, following recent gains.
Hogs: December lean hog futures fell $0.175 to $65.55, nearer the daily high and hit another contract low early on. The lean hog futures market saw two sided trade today after notching yet another contract low early on. Bulls remain leery as near-term technicals remain firmly bearish.