Corn: December corn futures fell 4 1/2 cents to $3.86 1/2 and settled near session lows. Corn futures underwent selling pressure for the third consecutive session. Gains in the soybean complex did little to spur buying activity in the grain markets as corn and wheat both saw continued selling pressure.
Soybeans: November soybean futures climbed 7 3/4 cents to $9.80 3/4 and on session highs. September meal futures closed $5.8 higher to $312.1. September bean oil futures rose 23 points to 41.70 cents. After opening lower last night, soybean futures built on Friday’s strength throughout today’s session, closing higher for the second consecutive day, though still within last week’s range.
Wheat: December SRW wheat fell 3 cents to $5.25, nearer the daily low and hit a contract low. December HRW wheat gained 2 1/4 cent to $5.37 1/4 and nearer the session high after hitting a contract low early on. SRW wheat futures saw more selling pressure today, while the HRW market saw some late, tepid short covering, amid fully bearish charts that show no solid, early clues that market bottoms are close at hand.
Cotton: December cotton closed down 65 points at 70.26 cents and near the daily low. Prices hit a five-week high early on. The cotton futures market saw a routine corrective price pullback today following recent good gains that pushed prices well up from the contract low scored in mid-August.
Cattle: October live cattle futures rose $1.275 to $176.975 and near mid-range. October feeder cattle closed up $3.10 at $237.475 and nearer the session high. The cattle futures markets today saw short covering following recent selling pressure that drove prices to multi-month lows last week.
Hogs: October lean hog futures slipped 15 cents to $80.40 and settled near mid-range. October lean hog futures marked a fresh for-the-move high though ultimately closed lower on the day as pork prices turned lower once again.