Corn: December corn rose 2 cents to $4.62, near the daily high after hitting a three-week-low early on. The corn futures market saw technical selling pressure much of the session today as prices are trending down. However, a late short-covering rally lifted prices by the close.
Soybeans: November soybeans rose 3 cents to $11.77 3/4, near the daily high. September soybean meal rose $1.40 to $311.60, nearer the daily high. September soybean oil gained 2 points to 67.74 cents, near mid-range. The soybean complex markets today saw mild technical selling pressure for much of the session as prices in all three markets are trapped in downtrends on the daily charts. However, a late short-covering rally lifted prices above unchanged by the close.
Wheat: September SRW fell 11 cents to $6.31 1/4, nearer the daily low and hit a nearly four-week low. September HRW lost 13 3/4 cents to $6.99 3/4, nearer the daily low and hit a three-week low. September spring wheat futures fell 12 1/2 cents to $6.71, nearer the daily low. The winter wheat futures markets saw technical selling featured as technical support at this week’s lows was taken out on the downside. A rally in the U.S. dollar index today was also a negative outside market for wheat.
Cotton: December cotton futures rose 14 points to 83.16 cents, near mid-range. Cotton futures today paused following recent gains that pushed prices to a 2.5-month high Wednesday. Traders also did some position evening today ahead of Friday morning’s monthly U.S. jobs report. A rebound in the U.S. dollar index today also limited buying interest in cotton futures.
Cattle: October live cattle fell $4.55 to $224.925, nearer the daily low. September feeder cattle lost $6.80 to $341.575, nearer the daily low. The live cattle futures market today saw heavy profit-taking pressure today following recent gains. No chart damage was inflicted today but significant follow-through selling on Friday would likely negate the near-term price uptrends in both markets.
Hogs: October lean hog futures fell $1.30 to $81.725, nearer the session low and hit a four-week-low. The lean hog futures market saw more technical selling from the speculators featured today as prices have seen a downside breakout from a bearish pennant pattern on the daily bar chart. Sharp losses in cattle futures today also spilled over into selling in hog futures.