Corn: December corn futures fell 1/2 cent to $4.17 1/2, near mid-range. The corn futures market bulls this week are bending but not yet breaking, following last week’s impressive price gains.
Soybeans: November soybeans fell 2 3/4 cents to $10.22 3/4 and near the daily low. September soybean meal lost $1.70 to $276.20, near the daily low and hit a three-week high early on. September soybean oil rose 49 points to 55.94 cents, near mid-range. The soybean and meal markets today saw some mild short covering early on, but then succumbed to some technical selling pressure late.
Wheat: December SRW wheat fell 8 1/4 cents to $5.61 1/4, near the daily low. December HRW wheat lost 9 cents to $5.46, near the daily low. December spring wheat futures fell 2 1/4 cents to $6.09 1/2. The winter wheat futures markets saw technical selling pressure today and likely continued commercial hedge selling from commercials amid the ongoing winter wheat harvest.
Cotton: December cotton fell 1 point to 68.24 cents, near mid-range. The cotton futures market remains range-bound, with neither the bulls nor the bears gaining much of an edge.
Cattle: August live cattle rose $2.05 to $227.025, near the session high and hit another contract/record high. August feeder cattle gained $3.25 to $331.525, near the daily high and hit a contract/record high. The live and feeder cattle futures markets bulls are keeping their pedal to the metal, with no solid, early technical clues that market tops are close at hand.
Hogs: August lean hogs rose 72 1/2 cents to $108.475, near the daily high and hit a three-week high. The lean hog futures bulls continue to make a strong push north after scoring a near-term price bottom in mid-July.