Corn: December corn fell 21 1/4 cents to $5.00 3/4, near the session low and hit a five-week low. The corn futures market had been on shaky ground the past week but broke down hard today following a bearish USDA report. A detailed breakdown of the report is available here.
Soybeans: November soybeans fell 4 3/4 cents to $12.93, near the daily low. December soybean meal lost $2.10 to $356.90, near the daily low. December soybean oil fell 8 points to 68.28 cents, nearer the daily low. The soybean and meal markets saw a slightly friendly USDA report today, but big losses in corn and selling pressure in wheat futures spilled over into limited buying interest in soybeans. Today’s quarterly grain stocks report showed U.S. soybean stocks in all positions came in 9 million bu. below the average pre-report trade guess.
Wheat: December SRW fell 17 cents to $6.75 3/4, near the daily low and hit a six-week low. December HRW fell 10 cents to $7.33, nearer the session low and hit a six-week low. December spring wheat futures fell 6 cents to $6.93 1/4, near the daily low. The wheat futures markets got mostly neutral USDA reports today but the big losses in corn spilled over into winter wheat futures markets.
Cotton: December cotton futures fell 34 points to 78.52 cents, near the daily low and hit a nine-week low. Cotton futures saw a tepid short-covering bounce in early trading today, following Tuesday’s limit-down price moves. However, those gains were erased by the close, on fresh chart-based selling.
Cattle: December live cattle rose $1.90 to $222.70, nearer the daily high and hit a two-week high. November feeder cattle gained $3.40 to $334.30, nearer the session high and hit a nine-week high. The live and feeder cattle futures markets saw more technical buying today as price uptrends are in place on the daily bar charts. Solid losses in the corn market today helped out the feeder cattle futures market.
Hogs: December lean hog futures fell $0.275 to $69.425, near mid-range. The lean hog futures market saw a pause today. The near-term chart posture in hog futures remains bearish amid a price downtrend in place on the daily chart.
