Corn: December corn futures rose 1 1/2 cents to $4.13 3/4, nearer the session high. The corn futures market today saw some tepid short covering. A rallying U.S. dollar index this week did limit buying interest in corn today, as did weaker crude oil prices. USDA’s weekly export sales report this morning showed U.S. corn export sales of 340,900 MT for 2024-25, down 47% from the previous week and down 46% from the four-week average. Net sales of 2025-26 totaled 1.892 MMT. Net sales were expected to range from 200,000 to 800,000 MT for 2024-25 and 600,000 MT to 1.6 MMT for 2025-26.
Soybeans: November soybeans fell 6 1/2 cents to $9.89 1/4, hit a 3.5-month low and closed at a technically bearish monthly low close today. September soybean meal rose $1.10 to $265.90, nearer the daily high and hit a contract low early on. September soybean oil fell 126 points to 55.27 cents, near the daily low. The soybean futures market saw more chart-based selling pressure today with the new for-the-move low hit. A firmer U.S. dollar index today was a bearish daily outside-market element for soybeans. And weather in the U.S. Midwest still leans firmly price-bearish.
Wheat: December SRW wheat fell 1 3/4 cents to $5.42 1/2, nearer the daily high, hit a contract low early on and closed at a technically bearish monthly low close today. December HRW wheat rose 2 1/2 cents to $5.44 3/4, nearer the daily high. Spring wheat futures closed a half a cent higher at $5.77 3/4. The wheat market bulls are still on their heels, with buying interest limited today by the weak soybean futures market. A firmer U.S. dollar index today was also a daily negative for the wheat futures markets.
Cotton: December cotton fell 25 points to 67.25 cents, nearer the session low. The cotton market bulls are still working to stabilize the futures market, following three straight days of losses. Technical selling was featured today. A firmer U.S. dollar index and lower crude oil prices today also limited buying interest in cotton.
Cattle: August live cattle fell $5.30 to $227.775, nearer the session low. August feeder cattle lost $7.575 to $331.375, near the daily low after hitting another contract/record high early on. The cattle futures markets saw heavy profit-taking pressure today. The bulls may have finally run out of gas on their major bull runs. Strong follow-through selling pressure on Friday would better suggest such.
Hogs: August lean hogs rose 10 cents to $107.125, nearer the daily low. The lean hog futures market is pausing late this week. Steep losses in the cattle futures markets today did squelch the hog market bulls. More strong selling in the cattle futures would likely continue to limit buying interest in hog futures.