Corn: December corn futures rose 2 1/4 cents to $4.13, near the daily high and hit a six-week-low early on. The corn futures market saw some short covering today but the market is still wobbly in the wake of a rapid deterioration in U.S.-China relations.
Soybeans: November soybeans lost 1 1/4 cents to $10.06 1/2, near mid-range. December soybean meal rose 20 cents to $274.30, near mid-range and hit a two-week low. December soybean oil fell 3 points to 50.57 cents, nearer the daily high. Recent gains in the U.S. dollar index and a down-trending crude oil market that today hit a 4.5-month low were bearish outside-market elements for the soy complex today.
Wheat: December SRW wheat rose 3 1/2 cents to $5.00 1/4, nearer the daily high and hit a contract low early on today. December HRW rose 7 1/4 cents to $4.88 1/2, near the daily high and hit a contract low early on. December spring wheat futures rose 2 cents to $5.35 1/2. The winter wheat futures markets were under mild selling pressure much of the session, but in late trading some active short covering lifted prices above unchanged, with HRW leading the way.
Cotton: December cotton fell 8 points to 63.51 cents, nearer the daily low and hit a contract low early on. December cotton futures’ high-range close today, after hitting a contract low early on, begins to suggest the bears are now exhausted.
Cattle: December live cattle rose $1.75 to $246.50, near the daily high and hit another contract high. November feeder cattle rose $4.60 to $381.325, nearer the daily high and hit another contract/record high. The cattle market bulls continue to press down hard on the accelerator amid overall solid supply and demand fundamentals in the cash cattle and beef markets, and bullish charts.
Hogs: December lean hogs fell $1.70 to $83.15, near the daily low and hit a seven-week low. The lean hog futures market saw more technical selling pressure today amid a rapidly eroding near-term technical posture and falling cash hog prices.