Corn: December corn futures rose 1 1/4 cent to $4.12 1/4, nearer the session low. The corn market bulls showed tepid signs of life today by keeping prices from slipping below important chart support at the contract low of $4.07 1/2 in December futures. A drop below that level would likely energize the speculative bears to press the market harder on the downside. A stronger U.S. dollar index that hit a two-month high today did limit the upside in the corn market
Soybeans: November soybeans fell 13 3/4 cents to $9.95 3/4, hit a 3.5-month low and closed near the session low. September soybean meal fell $1.60 to $264.80, nearer the daily low and hit a contract low. September soybean oil fell 67 points to 56.53 cents, nearer the daily low and hit a 12-month high early on. The slumping soybean meal market continues to be a major anchor on the soybean market. Meal prices will have to stop their bleeding and show strength before the soybean market can begin a sustained recovery.
Wheat: December SRW wheat fell 5 3/4 cents to $5.44 1/4, nearer the daily low and closed at a contract low close. December HRW wheat rose 2 3/4 cents to $5.42 1/4, near mid-range after poking to a contract low today. December spring wheat futures were unchanged at $6.00. The winter wheat futures markets slumped again today amid commercial hedging pressure from the ongoing U.S. winter wheat harvest, as well as a stronger U.S. dollar index today that hit a two-month high.
Cotton: December cotton fell 17 points to 67.50 cents, near mid-range and hit a three-week low. Some mild technical selling was featured today as the near-term chart posture for the natural fiber has deteriorated a bit this week. A rally in the U.S. dollar index to a two-month high today was a daily negative for the cotton market.
Cattle: August live cattle rose $3.35 to $233.075, near the session high and hit another contract/record high. August feeder cattle rose $2.75 to $338.95, near the daily high and hit another contract/record high. Live and feeder cattle futures bulls have the solid overall near-term technical advantage. Overall cash cattle and beef market fundamentals remain solid. However, this latest surge in live cattle futures prices may be a climaxing-type price move that puts in a major top sooner rather than later. Still, live cattle futures’ steep discounts to cash cattle market should continue to limit selling in futures.
Hogs: August lean hogs fell 22 1/2 cents to $107.025, near the daily low. The lean hog futures bulls are working to stabilize the market following this week’s selling pressure. Near-term technicals have deteriorated, with fresh pork market fundamentals also weakening. The latest CME lean hog index is up another 13 cents to $110.45 as of July 28. Thursday’s cash index projected price quote is up 6 cents at $110.51. The national direct five-day rolling average cash hog price quote today is $113.03. The noon report today showed pork cutout value rose 6 cents to $115.91, with bellies leading gains in primal cuts. Movement at midday was good at 194.14 loads.