Corn: December corn fell 4 1/4 cents to $4.40, near the daily low and closed at a four-month low close. The corn futures market got hit today from selling pressure tied to keen risk aversion in the general marketplace as the U.S. stock indexes melted down today.
Soybeans: January soybeans fell 14 cents to $11.88 1/4, near the daily low and hit another 2.5-month low. December soybean meal lost $1.40 to $317.20, near the daily low. December soybean oil fell 129 points to 62.24 cents, nearer the daily low and hit a six-month low today. The soybean and meal markets saw heavy selling pressure today tied to bearish charts and to the keen risk aversion in the general marketplace today, as the U.S. stock indexes saw a huge price downdraft to multi-week lows.
Wheat: December SRW rose 3/4 cent to $5.99 1/4, nearer the daily low. December HRW rose 3 cents to $6.35 3/4, near mid-range. December spring wheat futures rose 3 1/4 cents to $6.20, near mid-range. The winter wheat futures markets saw modest short covering. However, keen risk aversion on the general marketplace amid the huge downdraft in the stock market limited the upside for winter wheat futures.
Cotton: December cotton futures rose 60 points to 78.71 cents, nearer the daily high. Cotton futures saw more short covering and perceived bargain hunting today. Gains in cotton today were impressive given the heavy selling pressure in the U.S. stock indexes and mostly lower grain futures prices.
Cattle: December live cattle fell $3.60 to $214.40, nearer the daily low and hit a two-month low. January feeder cattle fell $5.40 to $320.325, nearer the daily low and hit a six-week low. The cattle futures markets saw heavy selling pressure, much of which was technical selling, but also just as much because of keen risk aversion in the general marketplace amid today’s stock market meltdown.
Hogs: December lean hog futures fell $2.45 to $55.10, nearer the daily low and careened to another contract low. The lean hog futures market saw heavy selling pressure amid the big downdraft in the cattle futures markets and the keen “risk-off” trading mentality in the general marketplace that saw the U.S. stock indexes post strong losses today.