Corn: July corn futures fell 7 cents to $4.24 1/2, nearer the daily low and hit a contract low. July corn has closed lower for five straight sessions. The steep price downdraft in the corn futures market continues.
Soybeans: July soybeans fell 24 1/2 cents to $11.29 1/2, nearer the daily low and hit a four-month low. July soybean meal fell $7.10 to $313.70, nearer the daily low and hit a two-month low. July soybean oil lost 242 points to 76.29 cents, near the daily low. The soybean complex futures markets today saw weak long liquidation from the speculative traders, including the big fund players.
Wheat: July SRW lost 5 1/2 cents to $5.81 3/4, nearer the daily low and hit a seven-week low. July HRW fell 3 3/4 cents to $6.20 1/4, near mid-range low and hit a six-week low. September spring wheat fell 3 3/4 to $6.47 1/4. The steep downslide continues in the winter wheat futures markets.
Cotton: July cotton futures fell 184 points to 74.89 cents, nearer the daily low and hit a seven-week low. Cotton futures saw more technical selling today. Cotton bears were also encouraged by a continued steep selloff in the grain futures markets. Lower crude oil prices today were also negative for cotton futures.
Cattle: August live cattle rose $3.675 to $241.525, nearer the daily high after hitting a nine-week low early on today. August feeder cattle rallied $10.75 to $353.375, nearer the daily high after hitting a 5.5-month low early on. The cattle futures markets today saw big and technically bullish “outside days” up on their daily bar charts.
Hogs: August lean hog futures fell $0.30 to $99.275, near the daily high. The lean hog futures market paused today after two sessions of good gains.