Corn: December corn futures fell 5 cents to $4.02, near the daily low and hit a contract low. The prospect of a record-setting U.S. corn crop to be harvested this fall continues to press the corn futures market lower. Technical selling was featured today as key chart support levels have been breached on the downside.
Soybeans: November soybeans fell 3 3/4 cents to $9.90 3/4 and near the daily low. September soybean meal closed steady at $277.00, nearer the daily low after hitting a four-week high early on. September soybean oil fell 63 points to 53.77 cents, nearer the daily low and hit a three-week low. A good-looking U.S. soybean crop and lower corn and wheat futures prices today keep the soybean complex bulls mostly on the sidelines. Meal’s price action today was still somewhat impressive, given the sell offs in the other grain markets.
Wheat: December SRW wheat fell 8 1/2 cents to $5.28 1/2, near the daily low and hit a contract low. December HRW wheat fell 12 1/4 cents to $5.25 1/4, near the daily low and hit a contract low. December spring wheat futures fell 3 1/2 cents to $5.92 1/2. The winter wheat futures markets saw technical selling featured today as the charts remain firmly bearish, with no early clues that market bottoms are close at hand. Lower corn futures prices today also keep wheat bulls on the sidelines.
Cotton: December cotton rose 47 points to 67.11 cents, nearer the daily high. The cotton futures market today saw short covering and perceived bargain hunting by the speculators. Lower crude oil prices today did limit the upside for cotton, as did a wobbly U.S. stock market at present.
Cattle: August live cattle rose $3.375 to $234.275, nearer the session high and hit another contract and record high today. August feeder cattle rose $5.65 to $341.05, nearer the daily high and hit a contract/record high. The cattle futures market bulls are keeping their foot on the gas, with technical buying from the speculators featured amid no strong, early chart clues that market tops are close at hand. And the speculative bears do not want to step in front of a steaming locomotive.
Hogs: August lean hogs rose 60 cents to $108.775, nearer the daily high and hit a five-week high. The lean hog futures market saw some technical buying featured today, as the near-term chart posture has improved. Strong gains in cattle futures to record highs today also supported buying interest in hog futures