Corn: December corn fell 1/2 cent to $4.51 1/4, near mid-range after hitting a 3.5-month low early on. The corn futures market saw mild short covering and perceived bargain buying early on today. However, gains were eroded by the close.
Soybeans: January soybeans fell 3 1/4 cents to $12.34 3/4, nearer the daily high and hit a 2.5-month low early on. December soybean meal lost $6.40 to $329.30, nearer the daily low and hit another two-month low. December soybean oil rose 8 points to 65.64 cents, near the daily high and hit a six-month low early on. The soybean and meal futures markets saw technical selling pressure, led by meal, amid existing downtrends in place on the daily bar charts.
Wheat: December SRW rose 4 3/4 cents to $6.03 3/4, near mid-range. December HRW rose 2 1/4 cents to $6.45 1/4, nearer the daily high and poked to a four-month low early on. December spring wheat futures rose 4 3/4 cents to $6.24 1/2, near mid-range. The winter wheat futures markets bulls are working to stabilize prices and made a bit of progress today. China has reportedly inquired about purchasing U.S. wheat after state-owned COFCO Corp asked about soft red winter wheat for delivery into China, with shipments for loading in the New Year.
Cotton: December cotton futures rose 35 points to 78.50 cents, nearer the session high. Cotton futures saw more short covering today and perceived bargain hunting today. Weaker crude oil prices and U.S. stock indexes did limit the upside in cotton futures today.
Cattle: December live cattle fell $1.025 to $226.30, nearer the daily high and hit a two-week low early on. November feeder cattle lost $0.275 to $346.475, near mid-range. The live and feeder cattle futures markets today saw modest profit-taking pressure and weak long liquidation. Solidly lower cash cattle trading so far this week and lower boxed beef prices at midday today are also bearish for futures.
Hogs: December lean hog futures rose $1.225 to $59.825, nearer the daily high. The lean hog futures market saw good short covering and perceived bargain buying today after prices Wednesday careened to a fresh contract low.