Corn: December corn futures fell 4 1/4 cents to $4.18, near the session low. The trader mantra in the corn market at present is that “rain makes grain” and that rain is making for a very good-looking U.S. corn crop. Corn traders so far this week have brushed aside the corn-price friendly aspect of a weakening U.S. dollar index.
Soybeans: November soybeans fell 3/4 cent to $10.25 1/2 and near mid-range. September soybean meal rose $3.10 to $277.90, nearer the daily high. September soybean oil fell 43 points to 55.45 cents, near mid-range. The soybean futures market saw mild selling pressure today, due in part to follow-through selling in the corn futures market. However, losses in beans were only slight due to some modest strength in the soybean meal futures market
Wheat: : December SRW wheat rose 6 1/4 cents to $5.69 1/2, nearer the daily high. December HRW wheat rose 6 3/4 cents to $5.55, nearer the daily high. December spring wheat rose 3 1/4 cents to $6.11 3/4. The winter wheat futures markets saw some short covering and perceived bargain hunting today
Cotton: December cotton rose 15 points to 68.25 cents, nearer the daily high. Choppy and sideways trading action in the cotton futures market continues as it has for the past three months.
Cattle: August live cattle fell 25 cents to $224.975, near mid-range and hit another contract/record high early on. August feeder cattle rose 67 1/2 cents to $328.275, nearer the daily high and also hit a contract/record high. Selling interest in the cattle futures markets remains scarce, even with prices at record highs. Solid cash and beef market fundamentals, as well as bullish technical charts, are keeping the bulls in command.
Hogs: August lean hogs rose 40 cents to $107.75, near mid-range and hit a two-week high. The hog futures market bulls have upside momentum as prices continue a strong rebound from the mid-July low. That’s inviting speculators to be more active players on the long side of the market.