Corn: December corn futures dropped 12 1/2 cents to $4.75 1/2, nearer the session low and hit an 11-month low. The corn market was pressured sharply by a general “risk-off” day in the marketplace today, following more dour news on China’s economic front, which suggest less demand for raw commodities coming from the world’s second-largest economy.
Soybeans: November soybeans fell 20 3/4 cents to $13.05 1/4, near the session low, while September meal fell $11.50 to $403.80, the lowest close since July 12. September soyoil rose 81 points to 63.33 cents. November soybeans made an overnight breach of the 200-day moving average, despite a notable increase in USDA’s weekly condition ratings, though selling efforts ensued shortly thereafter, with meal weakness leading the complex lower.
Wheat: December SRW wheat fell 17 3/4 cents to $6.23 3/4, nearer the session low and hit a 2.5-month low. December HRW wheat dropped 13 3/4 cents to $7.45 1/2, nearer the session low and hit a 3.5-month low. December spring wheat fell 18 cents to $8.02, the lowest close since June 7. The wheat futures markets were hit again today by a “risk-off” day in the general marketplace following downbeat economic data coming out of China.
Cotton: December cotton fell 137 points to 85.10 cents, ending the session below the 10- and 20-day moving averages for the first time since July 10. December cotton posted followthrough weakness amid a selloff across the broader marketplace amid weak economic data out of China.
Cattle: October live cattle traded in a narrow session but ultimately fell 70 cents to settle at $179.975, near the intraday low. October feeder futures fell 30 cents to $251.55, though they traded in a choppy session on both sides of unchanged. Cattle futures were mixed most of the day as the overall commodity market sags amidst lackluster economic data across the globe.
Hogs: Hog futures remained under downward pressure Tuesday, with the nearby October falling 95 cents to $78.20. Traders clearly expect substantial hog and pork losses in the coming weeks and months, with nearby October futures falling well below $79.00, whereas the August contract is likely to cash settle just under $102.00 tomorrow.