Corn: July corn futures fell 1 3/4 cents to $4.09 3/4, near mid-range and closed at a contract low close. The corn futures market today saw more price pressure from very good overall growing weather in the U.S. at present, as well as fresh technical selling amid the price downtrend in place on the daily chart.
Soybeans: July soybeans rose 1 1/4 cents to $11.17, nearer the daily low.July soybean meal rose $3.10 to $302.90, nearer the daily high. July soybean oil lost 56 points to 70.59 cents, nearer the daily low. The soybean market paused today, while meal saw some short covering and bean oil was pressured by the slumping crude oil market.
Wheat: July SRW fell 10 3/4 cents to $5.86 3/4, near the daily low. July HRW lost 15 1/4 cents to $6.18 1/4, near the daily low. September HRS fell 24 3/4 cents to $5.88. The winter wheat futures markets saw renewed technical selling pressure today as price uptrends on the daily bar charts have stalled out or have been negated.
Cotton: July cotton futures fell 84 points to 75.21 cents. Cotton futures saw technical selling reappear today. A big sell off in the U.S. stock market, a stronger U.S. dollar index that hit a 13-month high today and lower crude oil prices that hit a three-month low overnight were also bearish outside-market forces for the cotton market.
Cattle: August live cattle fell $1.35 to $246.00, nearer the daily low. August feeder cattle lost $2.275 to $368.15, nearer the session low. The cattle futures markets today took a pause after recent gains and saw some profit taking.
Hogs: August lean hog futures rose $0.50 to $97.225, near mid-range and hit a two-week high.
The lean hog futures market today saw more short covering. While the near-term technicals remain overall bearish, a price downtrend in place on the daily bar chart is now in jeopardy.