Corn: December corn fell 2 3/4 cents to $5.40 3/4, near the daily high. The corn futures market saw profit-taking pressure from the shorter-term speculators today. However, the bulls once again stepped in to buy the earlier dip in prices to push them well off daily lows.
Soybeans: November soybeans gained 6 cents to $13.16 1/4, nearer the daily high. December soybean meal rose $5.90 to $355.50, near the daily high and hit another two-year high. December soybean oil fell 92 points to 70.04 cents, near mid-range. The soybean and meal futures markets today saw some modest early selling pressure, but the bulls stepped in to buy the dips and do some perceived bargain hunting. Sellers remain timid amid continued demand from China.
Wheat: December SRW fell 19 3/4 cents to $7.54 1/4, near mid-range. December HRW lost 18 3/4 cents to $8.15 1/2, near mid-range. December spring wheat futures fell 16 1/2 cents to $7.65 1/2, near mid-range. The winter wheat futures markets saw some profit taking and weak long liquidation following news that Russian President Vladimir Putin cited the possibility of a peace deal with Ukraine. He also noted that restarting talks is harder after Ukrainian attacks on shipping.
Cotton: December cotton futures fell 248 points to 86.45 cents, nearer the daily low and hit a two-week low. Cotton futures saw more heavy profit-taking pressure that now is beginning to suggest the bulls are exhausted and that a near-term market top is in place. Cotton bulls could get no help from a sharp drop in the U.S. dollar index today and firmer crude oil prices.
Cattle: October live cattle rose $4.125 to $214.30, nearer the daily high. November feeder cattle rose $6.95 to $315.30, nearer the daily high. The cattle futures markets today saw solid short covering and perceived bargain buying by the speculators. Both markets closed at nearly two-week high closes that begin to suggest near-term market bottoms are in place.
Hogs: October lean hog futures fell $0.325 to $83.45, nearer the daily low. The lean hog futures market saw some more mild profit-taking and chart consolidation today, after recent good gains that do suggest the futures market has bottomed out. The latest CME lean hog index rose 27 cents to $90.85.