Corn: December corn futures fell 3/4 cent to $4.01 1/4, near the daily high and hit a contract low early on. The corn futures market was hit early today by technical selling pressure amid firmly bearish charts and by notions next Tuesday’s USDA monthly supply and demand report will show a record U.S. corn crop to be harvested this fall. However, today’s high-range close in December corn begins to suggest the bears are now exhausted.
Soybeans: November soybeans fell 6 1/4 cents to $9.84 1/2, nearer the daily low and hit a four-month low. September soybean meal fell $4.40 to $272.60, nearer the daily low. September soybean oil fell 5 points to 53.72 cents, nearer the session low and hit a three-week low. The soybean complex futures today were pressured by continued good growing weather for much of the U.S. soybean crop heading into next Tuesday’s USDA monthly supply and demand report. Bearish charts are also prompting technical selling pressure from the speculators. The complex got no help from a lower U.S. dollar index and higher crude oil prices today.
Wheat: December SRW rose 3/4 cent to $5.29 1/4, nearer the daily high and hit a contract low early on. December HRW wheat rose 6 3/4 cents to $5.32, near the daily high and hit a contract low early on. December spring wheat futures fell 1/4 cent to $5.92 1/4. Sell offs in corn and soybean futures markets today, ahead of what is expected to be a bearish monthly USDA supply and demand report for both next Tuesday, spilled over into selling pressure in the wheat futures markets early on today.
Cotton: December cotton fell 27 points to 66.84 cents, nearer the daily low. The cotton futures market continues to languish within a well-defined trading range marked by the June low of 66.27 cents and the June high of 69.52 cents, basis December futures. Look for more of the same in the near term.
Cattle: August live cattle rose $2.025 to $236.30, near the session high and hit another contract and record high today. August feeder cattle rose $3.975 to $345.025, near the daily high and hit a contract/record high. Strong cash and beef market fundamentals are combining with bullish technicals to power live and feeder cattle futures still higher. Live cattle futures remain at a discount to the cash cattle market, which is also inviting speculator buying interest in futures markets.
Hogs: August lean hogs rose 10 cents to $108.875, nearer the daily low and hit a five-week high early on. The lean hog futures market today saw some mild profit-taking pressure early on, following recent gains. Record high live and feeder cattle futures prices scored this week are a bullish element for the hog futures market that helped to erase today’s mild early losses in August hog futures by the close.