Corn: December corn futures fell 3 3/4 cents to $4.07, near the daily low and set a contract low. The corn futures market today saw technical selling as the chart posture remains solidly bearish. Today’s new contract low in December corn will further embolden the technically biased speculators to play the short side. Corn received no help today from a slumping U.S. dollar index following last Friday’s downbeat U.S. jobs report.
Soybeans: November soybeans rose 5 1/4 cents to $9.94 1/2 and nearer the daily high. September soybean meal rose $6.10 to $277.00, near the daily high. September soybean oil fell 8 points to 54.40 cents and hit a three-week low early on. The soybean futures market saw short covering today, with some bargain-hunting buying interest from the speculators also featured as soybean meal has made an impressive rebound from last week’s contract low. Meal prices have closed higher three sessions in a row, which begins to suggest a market bottom is finally in place.
Wheat: December SRW wheat closed steady at $5.37, nearer the session low and hit a contract low early on. December HRW wheat fell 1 cent to $5.37 1/2, near mid-range and hit a contract low early on. December spring wheat futures fell 3/4 cent to $5.96. Bearish charts and disappointing global demand for U.S. wheat on world trade markets continue to weigh on the winter wheat futures markets. A weaker U.S. dollar index to start the trading week was of little help to the winter wheat markets.
Cotton: December cotton rose 28 points to 66.64 cents, nearer the daily low. The cotton futures market saw some mild short covering today after dropping to a five-week low on Friday. A lower U.S. dollar index and solid gains in the U.S. stock market today were friendly outside-market elements for cotton.
Cattle: August live cattle rose 77 1/2 cents to $230.90, near the session high. August feeder cattle gained 82 1/2 cents to $335.40, near mid-range. The cattle futures markets saw some speculator buying interest amid cash and beef market fundamentals that are still solid. Live cattle futures’ steep discounts to the cash market continue to limit selling interest, even at elevated price levels.
Hogs: August lean hogs rose 82 1/2 cents to $108.175 and near the daily high. The hog futures market saw some fresh technical buying interest from the speculators today. August lean hog futures’ discount to the cash hog index also supported futures today.