Corn: December corn futures fell 3 3/4 cents to $4.18 1/4 and near the daily low. It’s been a choppy and sideways trading week so far. Solid gains in the U.S. dollar index to another nine-week high today helped to pressure corn futures.
Soybeans: November soybeans fell 7 1/4 cents to $10.22 1/4, nearer the daily low. December soybean meal fell $1.10 to $276.90, nearer the daily low. December soybean oil lost 54 points to 50.94 cents, near the daily low and hit a three-week high early on. The soybean complex saw selling pressure due in part to a higher U.S. dollar index that scored another nine-week high today.
Wheat: December SRW wheat fell 3/4 cent to $5.06 1/2, at the session low. December HRW lost 3 1/2 cents to $4.89 3/4, near the daily low and closed at a contract-low close. December spring wheat futures gained 1 1/2 cents to $5.57. The winter wheat futures markets continue to struggle amid bearish charts that are keeping bulls on the sidelines.
Cotton: December cotton fell 44 points to 64.47 cents, near the daily low and closed at a contract low close. The cotton futures market has a firmly bearish technical posture that is allowing the speculative bears to continue to press the short side.
Cattle: December live cattle rose $1.025 to $239.90, near the daily high and hit a three-week high. November feeder cattle rose $5.225 to $374.05, near the daily high and hit another contract/record high today. The feeder cattle futures market remains on fire and has also prompted more modest gains in the live cattle futures.
Hogs: December lean hogs fell $1.75 to $84.35, near the daily low and hit a six-week-low. The lean hog futures market saw technical selling pressure today as the near-term chart posture for the market continues to deteriorate. Cash hog and pork market fundamentals are also eroding.